Category: Business

  • MIL-OSI: Ready Capital Corporation Announces Closing of $220.0 Million of Senior Secured Notes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that on February 21, 2025, ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of the Company closed a private placement of $220.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of the amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), at issuance, by the Company, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT II, LLC (“SubREIT II”), RCSR I Investments, LLC (“RCSR I”), RCSR II Investments, LLC (“RCSR II”) and RCSR I Intermediate Holdings, LLC (collectively, the “Guarantors”). ReadyCap’s and the Guarantors’ respective obligations under the Notes and the Guarantees are secured by a first-priority lien on the assets of RCSR I and RCSR II and the capital stock of RCSR I, RCSR II, SubREIT II and certain other subsidiaries of the Company.

    The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes.

    Piper Sandler & Co. acted as the placement agent for the offering. Alston & Bird LLP served as counsel for the Company, and Ropes & Gray LLP served as counsel for the placement agent.

    The Notes and the Guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, or any state securities laws.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” “potential” or the negative of those terms or other comparable terminology are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, the expected use of the net proceeds from the private placement. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023 filed with the SEC and in its other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    Contacts:
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network

  • MIL-OSI Video: Becoming a US Army Ranger

    Source: United States Department of Defense (video statements)

    —————
    Paratroopers assigned to @82ndAirborneDiv1 participate in Small Unit Ranger Tactics qualification course on Fort Bragg, N.C., before going to Ranger School to evaluate their leadership skills.

    For more on the Department of Defense, visit: http://www.defense.gov
    —————
    Keep up with the Department of Defense on social media!

    Like the DoD on Facebook: http://facebook.com/DeptofDefense
    Follow the DoD on Twitter: http://twitter.com/DeptofDefense
    Follow the DoD on Instagram: http://instagram.com/DeptofDefense
    Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

    https://www.youtube.com/watch?v=FnN-w4WHllo

    MIL OSI Video

  • MIL-OSI: Zoom Communications Reports Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter total revenue of $1,184.1 million, up 3.3% year over year as reported and 3.6% in constant currency; full fiscal year total revenue of $4,665.4 million, up 3.1% year over year as reported and 3.3% in constant currency
    • Fourth quarter Enterprise revenue of $706.8 million, up 5.9% year over year; full fiscal year Enterprise revenue of $2,754.2 million, up 5.2% year over year
    • Fourth quarter operating cash flow of $424.6 million, up 20.9% year over year; full fiscal year operating cash flow of $1,945.3 million, up 21.7% year over year; full fiscal year operating cash flow margin of 41.7%
    • Fourth quarter GAAP operating margin of 19.0%, up 430 bps year over year, and non-GAAP operating margin of 39.5%, up 80 bps year over year; full fiscal year GAAP operating margin of 17.4%, up 580 bps year over year, and non-GAAP operating margin of 39.4%, up 20 bps year over year
    • Number of customers contributing more than $100,000 in trailing 12 months revenue up 7.3% year over year
    • Repurchased approximately 4.3 million shares of common stock in fourth quarter and approximately 15.9 million shares of common stock during full fiscal year

    SAN JOSE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), an AI-first work platform for human connection, today announced financial results for the fourth quarter and fiscal year ended January 31, 2025.

    “In FY25, Zoom AI Companion emerged as the driving force behind our transformation into an AI-first company, enabling our customers to discover enhanced productivity opportunities. As Zoom AI Companion becomes increasingly agentic, we look forward to continuing to help our customers fully realize the benefits of AI and discover what’s possible with AI agents,” said Eric S. Yuan, Zoom’s founder and CEO. “Both Contact Center and Workvivo had incredible years capped by excellent Q4s in terms of strategic logo wins, upmarket momentum and broader customer growth. As we rapidly innovated for our customers, we delivered a robust 5.8-point expansion in FY25 GAAP operating margin driven by increased focus on prioritizing investments and controlling share-based compensation, and grew FY25 operating cash flow 21.7% year over year to nearly $2 billion, representing an operating cash flow margin of 41.7%.”

    Fourth Quarter Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fourth quarter was $1,184.1 million, up 3.3% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,188.0 million, up 3.6% year over year. Enterprise revenue was $706.8 million, up 5.9% year over year, and Online revenue was $477.3 million, down 0.4% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fourth quarter was $225.1 million, compared to GAAP income from operations of $168.5 million in the fourth quarter of fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $468.0 million for the fourth quarter, compared to non-GAAP income from operations of $443.7 million in the fourth quarter of fiscal year 2024. For the fourth quarter, GAAP and non-GAAP operating margin was 19.0% and 39.5%, respectively, up from 14.7% and 38.7%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fourth quarter was $367.9 million, or $1.16 per share, compared to GAAP net income of $298.8 million, or $0.95 per share in the fourth quarter of fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $446.9 million for the fourth quarter. Non-GAAP net income per share was $1.41 in the fourth quarter. In the fourth quarter of fiscal year 2024, non-GAAP net income was $444.0 million, or $1.42 per share.

    • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2025 was $7.8 billion.
    • Cash Flow: Net cash provided by operating activities was $424.6 million for the fourth quarter, compared to $351.2 million in the fourth quarter of fiscal year 2024, up 20.9% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $416.2 million in the fourth quarter, compared to $332.7 million in the fourth quarter of fiscal year 2024, up 25.1% year over year.

    Full Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fiscal year was $4,665.4 million, up 3.1% year over year. After adjusting for foreign currency impact, revenue in constant currency was $4,675.0 million, up 3.3% year over year. Enterprise revenue was $2,754.2 million, up 5.2% year over year, and Online revenue was $1,911.2 million, up 0.2% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $813.3 million, compared to GAAP income from operations of $525.3 million for fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, and acquisition-related expenses, was $1,837.9 million for the fiscal year, compared to non-GAAP income from operations of $1,774.9 million for fiscal year 2024. For the fiscal year, GAAP and non-GAAP operating margin was 17.4% and 39.4% respectively, up from 11.6% and 39.2%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fiscal year was $1,010.2 million, or $3.21 per share, compared to GAAP net income of $637.5 million, or $2.07 per share for fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $1,744.8 million for the fiscal year. Non-GAAP net income per share was $5.54. In fiscal year 2024, non-GAAP net income was $1,608.0 million, or $5.21 per share.

    • Cash Flow: Net cash provided by operating activities was $1,945.3 million for the fiscal year, compared to $1,598.8 million for fiscal year 2024 up 21.7% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,808.7 million, compared to $1,471.9 million for fiscal year 2024, up 22.9% year over year.

    Customer Metrics: Drivers of revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2025, Zoom had:

    • Approximately 192,600 Enterprise customers.
    • A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
    • 4,088 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 7.3% from the same quarter last fiscal year.
    • Online average monthly churn of 2.8% for the fourth quarter, down 20 bps from the same quarter last fiscal year.
    • At the end of the fourth quarter, the percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 75.1%, up 90 bps year over year.

    As Zoom continues to expand and evolve, we have seen an increasing overlap between our Enterprise and Online customer categories. Over time, customers with lower MRR are expected to move from Enterprise to Online as we optimize our sales strategies. While these moves do not have a material impact on other customer metrics, the number of customers between these two groups has become less meaningful as a customer metric. Therefore, beginning in the first quarter of fiscal year 2026, we will no longer report the number of Enterprise customers as a customer metric. However, we will continue to provide this metric in the appendix of our investor deck through the end of fiscal year 2026, which will be accessible on our investor relations website (investors.zoom.us).

    Financial Outlook: Zoom is providing the following guidance for its first quarter of fiscal year 2026 and its full fiscal year 2026.

    • First Quarter Fiscal Year 2026: Total revenue is expected to be between $1.162 billion and $1.167 billion and revenue in constant currency is expected to be between $1.168 billion and $1.173 billion. Non-GAAP income from operations is expected to be between $440.0 million and $445.0 million. First quarter non-GAAP diluted EPS is expected to be between $1.29 and $1.31 with approximately 316 million non-GAAP weighted average shares outstanding.
    • Full Fiscal Year 2026: Total revenue is expected to be between $4.785 billion and $4.795 billion and revenue in constant currency is expected to be between $4.803 billion and $4.813 billion. Non-GAAP income from operations is expected to be between $1.850 billion and $1.860 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.34 and $5.37 with approximately 318 million non-GAAP weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

    The EPS and share count figures do not include any impact from $1.6 billion of authorized share repurchase remaining as of January 31, 2025.

    Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

    A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

    Zoom Video Earnings Call

    Zoom will host a Zoom Video Webinar for investors on February 24, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/ 

    About Zoom

    Zoom’s mission is to provide an AI-first platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including tariffs and trade tensions, inflationary pressures and market volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures

    Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs, severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

    Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

    Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

    Customer Metrics

    Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

    Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

    Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

    Public Relations

    Colleen Rodriguez
    Head of Global Public Relations
    press@zoom.us 

    Investor Relations

    Charles Eveslage
    Head of Investor Relations
    investors@zoom.us 

    Zoom Communications, Inc.
    Consolidated Balance Sheets
    (In thousands)

        As of January 31,
          2025     2024
    Assets   (unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 1,349,380   $ 1,558,252
    Marketable securities     6,442,329     5,404,233
    Accounts receivable, net     495,228     536,078
    Deferred contract acquisition costs, current     188,358     208,474
    Prepaid expenses and other current assets     200,679     219,182
    Total current assets     8,675,974     7,926,219
    Deferred contract acquisition costs, noncurrent     123,464     138,724
    Property and equipment, net     330,475     293,704
    Operating lease right-of-use assets     55,900     58,975
    Strategic investments     591,481     409,222
    Goodwill     307,295     307,295
    Deferred tax assets     749,759     662,177
    Other assets, noncurrent     154,073     133,477
    Total assets   $ 10,988,421   $ 9,929,793
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 8,345   $ 10,175
    Accrued expenses and other current liabilities     558,562     500,164
    Deferred revenue, current     1,336,387     1,251,848
    Total current liabilities     1,903,294     1,762,187
    Deferred revenue, noncurrent     17,274     18,514
    Operating lease liabilities, noncurrent     37,406     48,308
    Other liabilities, noncurrent     95,363     81,378
    Total liabilities     2,053,337     1,910,387
             
    Stockholders’ equity:        
    Common stock     305     307
    Additional paid-in capital     5,130,271     5,228,756
    Accumulated other comprehensive income     4,990     1,063
    Retained earnings     3,799,518     2,789,280
    Total stockholders’ equity     8,935,084     8,019,406
    Total liabilities and stockholders’ equity   $ 10,988,421   $ 9,929,793
                 

    Note: The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was $118.5 million and $124.8 million as of January 31, 2025 and 2024, respectively.

    Zoom Communications, Inc.
    Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025     2024     2025     2024
    Revenue   $ 1,184,138   $ 1,146,457   $ 4,665,433   $ 4,527,224
    Cost of revenue     287,355     276,307     1,129,627     1,077,801
    Gross profit     896,783     870,150     3,535,806     3,449,423
    Operating expenses:                
    Research and development     217,121     205,282     852,415     803,187
    Sales and marketing     358,903     371,052     1,427,384     1,541,307
    General and administrative     95,696     125,286     442,712     579,650
    Total operating expenses     671,720     701,620     2,722,511     2,924,144
    Income from operations     225,063     168,530     813,295     525,279
    Gains on strategic investments, net     150,357     101,296     177,142     109,770
    Other income, net     74,899     83,057     325,147     197,263
    Income before provision for income taxes     450,319     352,883     1,315,584     832,312
    Provision for income taxes     82,454     54,051     305,346     194,850
    Net income     367,865     298,832     1,010,238     637,462
                     
    Net income per share:                
    Basic   $ 1.20   $ 0.98   $ 3.28   $ 2.12
    Diluted   $ 1.16   $ 0.95   $ 3.21   $ 2.07
    Weighted-average shares used in computing net income per share:                
    Basic     306,553,952     305,822,936     307,981,971     300,748,162
    Diluted     316,693,346     313,467,303     315,069,582     308,519,897
                             

    Zoom Communications, Inc.
    Consolidated Statements of Cash Flows
    (Unaudited, in thousands)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    Cash flows from operating activities:                
    Net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Stock-based compensation expense     222,939       254,373       931,309       1,057,161  
    Deferred income taxes     (18,416 )     (136,735 )     (90,551 )     (116,679 )
    Amortization of deferred contract acquisition costs     71,063       66,793       282,103       270,701  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Depreciation and amortization     34,591       27,272       122,632       104,451  
    Provision for accounts receivable allowances     2,983       6,182       20,022       35,244  
    Unrealized foreign exchange losses (gains)     12,364       (11,022 )     17,165       12,259  
    Non-cash operating lease cost     6,205       5,225       24,066       21,066  
    Amortization of discount/premium on marketable securities     (16,871 )     (17,463 )     (71,636 )     (50,770 )
    Other     630       (2,419 )     4,048       (7,670 )
    Changes in operating assets and liabilities:                
    Accounts receivable     (47,632 )     (18,723 )     26,640       53,270  
    Prepaid expenses and other assets     (11,360 )     53,208       (17,114 )     (71,247 )
    Deferred contract acquisition costs     (79,932 )     (68,303 )     (246,727 )     (214,657 )
    Accounts payable     (1,686 )     (2,158 )     (3,133 )     (4,416 )
    Accrued expenses and other liabilities     65,245       51,989       62,277       51,974  
    Deferred revenue     (26,253 )     (48,637 )     79,995       (46,719 )
    Operating lease liabilities, net     (6,812 )     (5,893 )     (28,884 )     (22,824 )
    Net cash provided by operating activities     424,566       351,225       1,945,308       1,598,836  
    Cash flows from investing activities:                
    Purchases of marketable securities     (919,938 )     (1,120,371 )     (4,622,104 )     (4,083,968 )
    Maturities of marketable securities     919,856       773,341       3,610,274       3,131,419  
    Sales of marketable securities           1,191       47,482       1,191  
    Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Purchases of strategic investments     (5,000 )     (17,727 )     (18,500 )     (70,527 )
    Proceeds from strategic investments     8,530       62,823       13,384       170,067  
    Cash paid for acquisition, net of cash acquired                       (204,918 )
    Net cash used in investing activities     (4,886 )     (319,283 )     (1,106,024 )     (1,183,689 )
    Cash flows from financing activities:                
    Cash paid for repurchases of common stock     (354,567 )           (1,093,878 )      
    Proceeds from issuance of common stock for employee stock purchase plan     19,745       21,584       54,008       54,097  
    Proceeds from exercise of stock options     867       1,859       4,619       10,195  
    Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net     4,984       791       7,174       (4,106 )
    Net cash (used in) provided by financing activities     (328,971 )     24,234       (1,028,077 )     60,186  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (12,150 )     11,077       (15,170 )     (10,196 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     78,559       67,253       (203,963 )     465,137  
    Cash, cash equivalents, and restricted cash—beginning of year     1,282,858       1,498,127       1,565,380       1,100,243  
    Cash, cash equivalents, and restricted cash—end of year   $ 1,361,417     $ 1,565,380     $ 1,361,417     $ 1,565,380  
                                     

    Zoom Communications, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    GAAP income from operations   $ 225,063     $ 168,530     $ 813,295     $ 525,279  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net                 16,250       52,500  
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses                       72,993  
    Non-GAAP income from operations   $ 467,962     $ 443,749     $ 1,837,895     $ 1,774,888  
    GAAP operating margin     19.0 %     14.7 %     17.4 %     11.6 %
    Non-GAAP operating margin     39.5 %     38.7 %     39.4 %     39.2 %
                     
    GAAP net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net                 16,250       52,500  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses                       72,993  
    Income tax benefits from discrete activities           (8,272 )           (8,272 )
    Tax effects on non-GAAP adjustments     (13,461 )     (20,512 )     (112,945 )     (161,006 )
    Non-GAAP net income   $ 446,946     $ 443,971     $ 1,744,751     $ 1,608,023  
                     
    Net income per share – basic and diluted:                
    GAAP net income per share – basic   $ 1.20     $ 0.98     $ 3.28     $ 2.12  
    Non-GAAP net income per share – basic   $ 1.46     $ 1.45     $ 5.67     $ 5.35  
    GAAP net income per share – diluted   $ 1.16     $ 0.95     $ 3.21     $ 2.07  
    Non-GAAP net income per share – diluted   $ 1.41     $ 1.42     $ 5.54     $ 5.21  
                     
    GAAP and non-GAAP weighted-average shares used to compute net income per share – basic     306,553,952       305,822,936       307,981,971       300,748,162  
    GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted     316,693,346       313,467,303       315,069,582       308,519,897  
                     
    Net cash provided by operating activities   $ 424,566     $ 351,225     $ 1,945,308     $ 1,598,836  
    Less: Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Free cash flow (non-GAAP)     416,232       332,685       1,808,748       1,471,883  
    Net cash used in investing activities   $ (4,886 )   $ (319,283 )   $ (1,106,024 )   $ (1,183,689 )
    Net cash provided by financing activities   $ (328,971 )   $ 24,234     $ (1,028,077 )   $ 60,186  
    Operating cash flow margin (GAAP)     35.9 %     30.6 %     41.7 %     35.3 %
    Free cash flow margin (non-GAAP)     35.2 %     29.0 %     38.8 %     32.5 %
                     
        Three Months Ended January 31,   Year Ended January 31,
          2025       2025  
        Revenue   YoY Revenue Growth (%)   Revenue   YoY Revenue Growth (%)
    GAAP revenue   $ 1,184,138       3.3 %   $ 4,665,433       3.1 %
    Add: Constant currency impact     3,835       0.3 %     9,545       0.2 %
    Revenue in constant currency (non-GAAP)   $ 1,187,973       3.6 %   $ 4,674,978       3.3 %

    The MIL Network

  • MIL-OSI: EverCommerce Announces Date of Fourth Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its fourth quarter 2024 financial results after the U.S. financial markets close on Thursday, March 13, 2025.

    Management will host a conference call on Thursday, March 13 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network

  • MIL-OSI: American National Completes Full Redemption of Outstanding Depositary Shares Representing Interests in its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company has completed the previously announced redemption (the “Redemption”) of all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”). The redemption price for the Depositary Shares was $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the redemption date (which was February 24, 2025) (the “Redemption Date”, and such redemption price, the “Redemption Price”). The Company funded the Redemption Price with the net proceeds from its previously announced sale of 12,000,000 depositary shares, each representing a 1/1,000th interest in a share of the Company’s Fixed-Rate Non-Cumulative Preferred Stock, Series D, together with cash on hand.

    None of the Series A Preferred Stock or Depositary Shares remain outstanding, and all rights with respect to such stock or depositary shares have ceased and terminated except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. Investors in the Depositary Shares should contact the bank or broker through which they held a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they had a beneficial interest.

    In connection with the Redemption, the New York Stock Exchange (“NYSE”) has suspended trading of the Depositary Shares effective prior to the opening of trading on the Redemption Date. NYSE has filed with the Securities and Exchange Commission (the “SEC”) a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.

    ABOUT AMERICAN NATIONAL GROUP INC.

    American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.

    Forward-Looking Statements

    All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any other documents we file with the SEC.

    Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

    Contact: Steven Schwartz
    Treasurer, Head of Investor Relations
    888-221-1234 ext. 3763
    sschwartz@american-equity.com

    The MIL Network

  • MIL-OSI: Kneat to Announce 2024 Fourth-Quarter and Full-Year Financial Results February 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 24, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended December 31, 2024, after TSX market close on February 26, 2025.

    Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on February 27, 2025 at 09:00 ET (14:00 GMT).

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

    Register Here

    The fourth-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: https://kneat.com/investors/ 

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

    For further information:

    Katie Keita, Investor Relations Lead, +902-706-9074, katie.keita@kneat.com

    The MIL Network

  • MIL-OSI: HTXMining: Transforming Passive Income with Next-Generation Crypto Staking Solutions

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 24, 2025 (GLOBE NEWSWIRE) — HTXMining, a leading Liquidity Staking Platform, is making waves in the cryptocurrency industry by providing one of the best ways to earn passive income. HTXMining can rock the world of cryptocurrencies with its appealing features. Htxmining impressed its investors by providing new ways to make the most of their digital assets, all while keeping things safe and profitable.

    HTXMining: The Future of Crypto Staking

    Cryptocurrency staking is a new way to earn passive income. HTXMining is the best crypto-staking platform to stake your digital assets and get high returns. Since staking won’t ask you to invest in expensive hardware or consume excess energy, it will be an eco-friendly and sustainable investment compared to traditional mining.

    HTXMining’s staking services allow you to lock your assets for a set period and earn staking rewards in return. HTXMining is the go-to platform for both beginners and experienced investors because of its high annual percentage yields (APYs), user-friendly interface, and low transaction fees.

    Liquidity Staking Platform: Profitability & Accessibility

    HTXMining is ahead of the curve with its Liquidity Staking Platform. Liquidity staking allows you to stake your assets while keeping liquidity, so you can still trade or use your funds while earning rewards. This is unique to HTXMining and investors have flexibility and financial freedom.

    HTXMining’s staking model guarantees stakers trading and staking rewards. You can maximize your profit potential by providing liquidity to decentralized exchanges (DEXs) and automated market makers (AMMs) without sacrificing asset availability.

    Liquidity Mining Platform: Maximizing Crypto Returns

    HTXMining’s Liquidity Mining Platform is designed to provide unparalleled earning opportunities to crypto enthusiasts. Liquidity mining involves providing assets to liquidity pools in decentralized finance (DeFi) protocols. As a reward for their contribution, liquidity providers can get extra tokens, a share of the transaction fees, or even voting rights within the platform.

    The platform offers diverse liquidity mining pools. Whether staking Ethereum (ETH), Bitcoin (BTC), or stablecoins like USDT and USDC, HTXMining ensures that users can diversify their investments while optimizing their earnings.

    Why HTXMining Serves the Best Crypto Staking Platform

    HTXMining is regarded as the leading platform for crypto staking due to its commitment to transparency, security, and profitability. Among the key distinguishing features of HTXMining are:

    • High-Yield Staking Plans: Users can select from flexible or fixed staking options, with competitive APYs.
    • Low Transaction Fees: Users can maximize their staking and liquidity mining rewards since Htxmining has minimal transaction fees.
    • User-Friendly Interface: The intuitive interface of HTXMining and it is easy to get in touch with a platform for both beginners and experienced users.
    • 24/7 Customer Support: HTXMining provides 24/7 assistance to help users with any inquiries.

    Best Ways to Earn Passive Income with HTXMining

    It was never so easy to earn passive income through cryptocurrency investments as is possible now with HTXMining’s comprehensive solutions for staking and liquidity mining. Whether you’re a beginner or a seasoned investor, here are the best ways to earn passive income on HTXMining:

    1. Traditional Staking

    By staking cryptocurrencies on HTXMining, users can earn attractive staking rewards with minimal risk. Traditional staking offers long-term stability and predictable returns, making it ideal for investors seeking a reliable income stream.

    2. Liquidity Staking

    Liquidity staking in HTXMining enables investors to stake their assets while still being able to access liquidity. HTXMining’s liquidity staking mechanism ensures that stakers benefit from both trading and staking rewards

    3. Liquidity Mining

    HTXMining’s liquidity mining pools are another lucrative way to earn passive income. Investors can boost their overall earnings when they contribute their assets to liquidity pools.

    4. Referral and Affiliate Programs

    HTXMining has an affiliate program where the users can earn commission by referral that helps to earn by referring new investors to the platform. This serves as a good income generator to earn passive income.  

    The Future of Crypto Staking and Liquidity Mining with HTXMining

    The user experience and profitability would be increased by introducing new features with the continuously evolving nature of Htxmining. Upcoming developments will include AI-powered staking optimization, advanced DeFi integration, and multi-chain functionality, which will allow users to stake tokens on various blockchain networks.

    HTXMining holds in high regard innovation, transparency, and financial independence. The platform’s Liquidity Staking Platform and Liquidity Mining Platform provide unparalleled opportunities for investors to generate sustainable passive income in the rapidly growing digital asset space.

    Join HTXMining Today!

    The robust security measures and liquidity mining solutions offer the best way to earn passive income with Htxmining. without considering whether you are a pro or a newcomer to the crypto world. HTXMining is the top choice for anyone looking to make the most out of their crypto. It offers high returns, top-notch security, and an incredibly smooth user experience.

    Get started with Htxmining today, the leading Liquidity Staking Platform and the best crypto staking platform for earning passive income.

    About HTXMining: HTXMining is a cutting-edge cryptocurrency staking and liquidity mining platform that provides users with innovative solutions to earn passive income. With its advanced staking options, secure infrastructure, and user-friendly interface, HTXMining is revolutionizing the way investors engage with digital assets.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER HIGHLIGHTS

    • Q4 2024 average production of 29,859 bo/d (56,109 boe/d)
    • Q4 2024 consolidated net income (including non-controlling interest) of $272.8 million; net income attributable to Viper of $210.1 million, or $2.04 per Class A common share; includes a one-time tax benefit of $155.9 million from the reversal of the valuation allowance against the Company’s deferred tax assets
    • Q4 2024 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $89.0 million, or $0.86 per Class A common share
    • As previously announced, declared Q4 2024 base cash dividend of $0.30 per Class A common share; implies a 2.5% annualized yield based on the February 21, 2025, share closing price of $48.33
    • As previously announced, declared Q4 2024 variable cash dividend of $0.35 per Class A common share; total base-plus-variable dividend of $0.65 per Class A common share implies a 5.4% annualized yield based on the February 21, 2025, share closing price of $48.33
    • Total Q4 2024 return of capital of $66.7 million, or $0.65 per Class A common share, represents 75% of cash available for distribution
    • 381 total gross (8.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2024 with an average lateral length of 10,818 feet

    FULL YEAR 2024 HIGHLIGHTS

    • Full year 2024 average production of 27,156 bo/d (49,784 boe/d)
    • Received $6.2 million in lease bonus income
    • Full year 2024 consolidated net income (including non-controlling interest) of $603.6 million; net income attributable to Viper of $359.2 million, or $3.82 per Class A common share
    • Declared dividends of $2.49 per Class A common share during the full year 2024
    • Generated full year 2024 consolidated adjusted EBITDA (as defined and reconciled below) of $782.2 million
    • Proved reserves as of December 31, 2024 of 195,873 Mboe (84% PDP, 93,563 Mbo), up 9% year over year with oil up 4% from year end 2023
    • 1,461 total gross (27.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during 2024 with an average lateral length of 11,381 feet

    2025 OUTLOOK

    • As previously announced, on January 30, 2025, entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.63 million limited liability company membership interests of Viper Energy Partners LLC (“OpCo units”), along with an accompanying equal amount of Class B common stock of the Company, subject to customary closing adjustments (the “Drop Down”); expected to close in the second quarter of 2025, subject to the approval by Viper’s stockholders and clearance of other typical closing conditions
    • On February 14, 2025, closed the acquisition of certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211.0 million of cash and approximately 2.40 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary post-closing adjustments (the “Quinn Ranch Acquisition”)
    • Initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
    • Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000) boe/d
    • As of December 31, 2024, there were approximately 867 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.6% net royalty interest (14.1 net 100% royalty interest wells)
    • Approximately 1,191 gross (23.9 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third-party operators’ permits

    “The fourth quarter concluded a landmark year for Viper. For the full year, we continued to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy. Looking ahead, we continue to be excited about the transformative Drop Down transaction between Viper and Diamondback that was previously announced. We look forward to working toward a timely closing of the transaction and the unmatched forward outlook Viper will be provided upon that closing,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

    FINANCIAL UPDATE

    Viper’s fourth quarter 2024 average unhedged realized prices were $69.91 per barrel of oil, $0.84 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56/boe.

    Viper’s fourth quarter 2024 average hedged realized prices were $69.00 per barrel of oil, $1.05 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.38/boe.

    During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million and consolidated net income (including non-controlling interest) of $272.8 million. During the quarter, the Company reversed the valuation allowance against its deferred tax assets as of the quarter and year ended December 31, 2024, with an accompanying $155.9 million deferred tax benefit recorded through continuing operations.

    As of December 31, 2024, the Company had a cash balance of $26.9 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.1 billion, resulting in net debt (as defined and reconciled below) of $1.1 billion. Viper’s outstanding long-term debt as of December 31, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and $261.0 million in borrowings on its revolving credit facility, leaving $989.0 million available for future borrowings and $1.0 billion of total liquidity.

    FOURTH QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    As previously announced, the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    The Board also declared a variable cash dividend of $0.35 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    OPERATIONS UPDATE

    During the fourth quarter of 2024, Viper estimates that 381 gross (8.1 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 10,818 feet. Of these 381 gross wells, Diamondback is the operator of 88 gross wells, with an average royalty interest of 6.4%, and the remaining 293 gross wells, with an average royalty interest of 0.9%, are operated by third parties.

    Viper’s footprint of mineral and royalty interests was 35,671 net royalty acres as of December 31, 2024.

    Our gross well information as of December 31, 2024 is as follows, unless otherwise specified:

      Diamondback Operated   Third-Party Operated   Total
    Horizontal wells turned to production (fourth quarter 2024)(1):          
    Gross wells 88   293   381
    Net 100% royalty interest wells 5.6   2.5   8.1
    Average percent net royalty interest 6.4%   0.9%   2.1%
               
    Horizontal wells turned to production (year ended December 31, 2024)(2):          
    Gross wells 285   1,176   1,461
    Net 100% royalty interest wells 16.0   11.9   27.9
    Average percent net royalty interest 5.6%   1.0%   1.9%
               
    Horizontal producing well count:          
    Gross wells 2,898   8,161   11,059
    Net 100% royalty interest wells 156.3   104.1   260.4
    Average percent net royalty interest 5.4%   1.3%   2.4%
               
    Horizontal active development well count:          
    Gross wells 146   721   867
    Net 100% royalty interest wells 6.0   8.1   14.1
    Average percent net royalty interest 4.1%   1.1%   1.6%
               
    Line of sight wells:          
    Gross wells 324   867   1,191
    Net 100% royalty interest wells 10.1   13.8   23.9
    Average percent net royalty interest 3.1%   1.6%   2.0%

    (1) Average lateral length of 10,818 feet.
    (2) Average lateral length of 11,381 feet.

    The 867 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 54 gross rigs operating on Viper’s acreage, 10 of which are operated by Diamondback. The 1,191 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    YEAR END RESERVES UPDATE

    Viper’s proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by Viper’s internal reservoir engineers, and audited by Ryder Scott Company, L.P., independent petroleum engineers, as of December 31, 2024. Reference prices of $75.48 per barrel of oil and natural gas liquids and $2.13 per MMbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $75.61 per barrel of oil, $0.49 per Mcf of natural gas and $20.62 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 195,873 Mboe (93,563 Mbo) represent a 9% increase over year-end 2023 reserves. The year-end 2024 proved reserves have a PV-10 value (as defined and reconciled below) of approximately $3.7 billion and a standardized measure of discounted future net cash flows of $3.3 billion.

    Proved developed reserves increased by 14% year over year to 163,865 Mboe (76,020 Mbo) as of December 31, 2024, reflecting continued horizontal development by the operators of Viper’s acreage.

    Net proved reserve additions of 34,845 Mboe resulted in a reserve replacement ratio of 191% (defined as the sum of extensions, discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 121% (defined as the sum of extensions, discoveries and revisions, divided by annual production).

    Extensions and discoveries of 24,936 Mboe are primarily attributable to the drilling of 1,170 new wells and from 447 new proved undeveloped locations added. The Company’s total downward revisions of previous estimated quantities of 2,894 Mboe consist of negative revisions of 6,539 Mboe associated with lower commodity prices and PUD downgrades of 2,936 Mboe offset by positive revisions of 6,580 Mboe primarily attributable to performance revisions. The purchase of reserves in place of 14,941 Mboe resulted primarily from the previously reported Tumbleweed acquisitions and other acquisitions of certain mineral and royalty interests.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   Mboe
    As of December 31, 2023 89,903     263,578     45,416     179,249  
    Purchase of reserves in place 7,891     20,310     3,665     14,941  
    Extensions and discoveries 13,099     33,498     6,254     24,936  
    Revisions of previous estimates (6,472 )   4,449     2,837     (2,894 )
    Divestitures (919 )   (4,605 )   (451 )   (2,138 )
    Production (9,939 )   (24,606 )   (4,181 )   (18,221 )
    As of December 31, 2024 93,563     292,624     53,540     195,873  
                           

    As the owner of mineral and royalty interests, Viper incurred no exploration and development costs during the year ended December 31, 2024.

      December 31,
      2024
      2023
      2022
      (in thousands)
    Acquisition costs:          
    Proved properties $ 340,907     $ 402,659     $ 46,307  
    Unproved properties   830,450       758,342       16,624  
    Total $ 1,171,357     $ 1,161,001     $ 62,931  
                           

    GUIDANCE UPDATE

    Below is Viper’s guidance for Q1 2025. Guidance for full year 2025 will be provided pending the closing of the Drop Down.

       
      Viper Energy, Inc.
       
    Q1 2025 Net Production – Mbo/d 30.00 – 31.00
    Q1 2025 Net Production – Mboe/d 54.00 – 56.00
       
    Unit costs ($/boe)  
    Depletion $12.25 – $12.75
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Net Interest Expense $2.50 – $3.00
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)(1) 20% – 22%
    Q1 2025 Cash Taxes ($ – million)(2) $15.0 – $20.0

    (1)   Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
    (2)   Attributable to Viper Energy, Inc.

    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Viper Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in thousands, except share amounts)
           
      December 31,
      2024   2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 26,851     $ 25,869  
    Royalty income receivable (net of allowance for credit losses)   149,234       108,681  
    Royalty income receivable—related party   30,971       3,329  
    Income tax receivable   2,238       813  
    Derivative instruments   17,638       358  
    Prepaid expenses and other current assets   11,112       4,467  
    Total current assets   238,044       143,517  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($2,179,837 and $1,769,341 excluded from depletion at December 31, 2024 and December 31, 2023, respectively)   5,712,671       4,628,983  
    Land   5,688       5,688  
    Accumulated depletion and impairment   (1,080,764 )     (866,352 )
    Property, net   4,637,595       3,768,319  
    Derivative instruments         92  
    Deferred income taxes (net of allowances)   185,235       56,656  
    Other assets   8,166       5,509  
    Total assets $ 5,069,040     $ 3,974,093  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 85     $ 19  
    Accounts payable—related party   1,980       1,330  
    Accrued liabilities   42,272       27,021  
    Derivative instruments   2,323       2,961  
    Income taxes payable   2,034       1,925  
    Total current liabilities   48,694       33,256  
    Long-term debt, net   1,082,979       1,083,082  
    Derivative instruments         201  
    Other long-term liabilities   30,148        
    Total liabilities   1,161,821       1,116,539  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,977,142 and 86,144,273 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively          
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 and 90,709,946 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively          
    Additional paid-in capital   1,568,560       1,031,078  
    Retained earnings (accumulated deficit)   118,444       (16,786 )
    Total Viper Energy, Inc. stockholders’ equity   1,687,004       1,014,292  
    Non-controlling interest   2,220,215       1,843,262  
    Total equity   3,907,219       2,857,554  
    Total liabilities and stockholders’ equity $ 5,069,040     $ 3,974,093  
                   
     
    Viper Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, in thousands, except per share data)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Operating income:              
    Oil income $ 192,040     $ 175,254     $ 750,243     $ 619,181  
    Natural gas income   6,050       7,979       14,813       30,953  
    Natural gas liquids income   26,775       18,981       88,520       66,976  
    Royalty income   224,865       202,214       853,576       717,110  
    Lease bonus income—related party         2,238       227       107,823  
    Lease bonus income   3,655       125       5,944       1,855  
    Other operating income   179       135       640       909  
    Total operating income   228,699       204,712       860,387       827,697  
    Costs and expenses:              
    Production and ad valorem taxes   16,162       12,607       60,882       50,401  
    Depletion   64,591       44,787       214,412       146,118  
    General and administrative expenses—related party   3,150       924       10,541       3,696  
    General and administrative expenses   1,388       3,027       8,100       6,907  
    Other operating (income) expense   58       356       55       356  
    Total costs and expenses   85,349       61,701       293,990       207,478  
    Income (loss) from operations   143,350       143,011       566,397       620,219  
    Other income (expense):              
    Interest expense, net   (19,112 )     (15,756 )     (73,848 )     (47,392 )
    Gain (loss) on derivative instruments, net   6,122       4,892       11,386       (25,793 )
    Other income, net         1             259  
    Total other expense, net   (12,990 )     (10,863 )     (62,462 )     (72,926 )
    Income (loss) before income taxes   130,360       132,148       503,935       547,293  
    Provision for (benefit from) income taxes   (142,440 )     6,217       (99,711 )     45,952  
    Net income (loss)   272,800       125,931       603,646       501,341  
    Net income (loss) attributable to non-controlling interest   62,733       68,959       244,401       301,253  
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 56,972     $ 359,245     $ 200,088  
                   
    Net income (loss) attributable to common shares:              
    Basic $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Diluted $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Weighted average number of common shares outstanding:              
    Basic   102,977       81,219       93,932       74,176  
    Diluted   102,977       81,219       93,932       74,176  
                                   
     
    Viper Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Cash flows from operating activities:              
    Net income (loss) $ 272,800     $ 125,931     $ 603,646     $ 501,341  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
    Provision for (benefit from) deferred income taxes   (148,580 )     (7,887 )     (149,085 )     (7,000 )
    Depletion   64,591       44,787       214,412       146,118  
    (Gain) loss on derivative instruments, net   (6,122 )     (4,892 )     (11,386 )     25,793  
    Net cash receipts (payments) on derivatives   (940 )     (3,300 )     (2,978 )     (13,319 )
    Other   1,727       1,397       6,197       3,442  
    Changes in operating assets and liabilities:              
    Royalty income receivable   (16,135 )     (5,232 )     (13,249 )     (27,379 )
    Royalty income receivable—related party   5,025       4,102       (27,642 )     2,931  
    Accounts payable and accrued liabilities   (7,190 )     2,155       7,002       6,311  
    Accounts payable—related party   1,981       1,330       651       1,024  
    Income taxes payable   218       (11,397 )     109       1,014  
    Other   (9,467 )     (1,199 )     (8,069 )     (2,084 )
    Net cash provided by (used in) operating activities   157,908       145,795       619,608       638,192  
    Cash flows from investing activities:              
    Acquisitions of oil and natural gas interests—related party                     (75,073 )
    Acquisitions of oil and natural gas interests   (425,190 )     (731,618 )     (696,242 )     (830,128 )
    Proceeds from sale of oil and natural gas interests   (5 )     2       87,669       (3,164 )
    Net cash provided by (used in) investing activities   (425,195 )     (731,616 )     (608,573 )     (908,365 )
    Cash flows from financing activities:              
    Proceeds from borrowings under credit facility   372,000       313,000       842,000       573,000  
    Repayment on credit facility   (111,000 )     (300,000 )     (844,000 )     (462,000 )
    Proceeds from Notes         400,000             400,000  
    Net proceeds from public offering   2             475,906        
    Proceeds from public offering to Diamondback         200,000             200,000  
    Repurchased shares/units under buyback program         (28,040 )           (95,221 )
    Dividends/distributions to stockholders   (62,912 )     (44,596 )     (219,465 )     (128,777 )
    Dividends/distributions to Diamondback   (62,386 )     (68,047 )     (254,216 )     (195,976 )
    Dividends to other non-controlling interest   (7,368 )           (7,368 )      
    Other   (2,847 )     (7,441 )     (2,910 )     (13,163 )
    Net cash provided by (used in) financing activities   125,489       464,876       (10,053 )     277,863  
    Net increase (decrease) in cash and cash equivalents   (141,798 )     (120,945 )     982       7,690  
    Cash, cash equivalents and restricted cash at beginning of period   168,649       146,814       25,869       18,179  
    Cash, cash equivalents and restricted cash at end of period $ 26,851     $ 25,869     $ 26,851     $ 25,869  
                                   
     
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024
      2023
      2024
      2023
    Production Data:              
    Oil (MBbls)   2,747       2,257       9,939       8,028  
    Natural gas (MMcf)   7,236       5,321       24,606       19,130  
    Natural gas liquids (MBbls)   1,209       884       4,181       3,108  
    Combined volumes (Mboe)(1)   5,162       4,028       18,221       14,324  
                   
    Average daily oil volumes (bo/d)   29,859       24,533       27,156       21,995  
    Average daily combined volumes (boe/d)   56,109       43,783       49,784       39,244  
                   
    Average sales prices:              
    Oil ($/Bbl) $ 69.91     $ 77.65     $ 75.48     $ 77.13  
    Natural gas ($/Mcf) $ 0.84     $ 1.50     $ 0.60     $ 1.62  
    Natural gas liquids ($/Bbl) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined ($/boe)(2) $ 43.56     $ 50.20     $ 46.85     $ 50.06  
                   
    Oil, hedged ($/Bbl)(3) $ 69.00     $ 76.56     $ 74.57     $ 76.05  
    Natural gas, hedged ($/Mcf)(3) $ 1.05     $ 1.34     $ 0.85     $ 1.37  
    Natural gas liquids ($/Bbl)(3) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined price, hedged ($/boe)(3) $ 43.38     $ 49.38     $ 46.68     $ 49.13  
                   
    Average Costs ($/boe):              
    Production and ad valorem taxes $ 3.13     $ 3.13     $ 3.34     $ 3.52  
    General and administrative – cash component   0.72       0.90       0.86       0.65  
    Total operating expense – cash $ 3.85     $ 4.03     $ 4.20     $ 4.17  
                   
    General and administrative – non-cash stock compensation expense $ 0.16     $ 0.08     $ 0.16     $ 0.09  
    Interest expense, net $ 3.70     $ 3.91     $ 4.05     $ 3.31  
    Depletion $ 12.51     $ 11.12     $ 11.77     $ 10.20  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Realized price net of all deducts for gathering, transportation and processing.
    (3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in thousands, except per share data)
           
      Three Months Ended December 31, 2024   Year Ended December 31, 2024
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 359,245  
    Net income (loss) attributable to non-controlling interest   62,733       244,401  
    Net income (loss)   272,800       603,646  
    Interest expense, net   19,112       73,848  
    Non-cash share-based compensation expense   815       2,975  
    Depletion   64,591       214,412  
    Non-cash (gain) loss on derivative instruments   (7,062 )     (14,364 )
    Other non-cash operating expenses   58       55  
    Other non-recurring expenses         1,314  
    Provision for (benefit from) income taxes   (142,440 )     (99,711 )
    Consolidated Adjusted EBITDA   207,874       782,175  
    Less: Adjusted EBITDA attributable to non-controlling interest   100,035       371,813  
    Adjusted EBITDA attributable to Viper Energy, Inc. $ 107,839     $ 410,362  
           
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:      
    Income taxes payable for the current period $ (6,139 )   $ (49,372 )
    Debt service, contractual obligations, fixed charges and reserves   (11,118 )     (39,219 )
    Lease bonus income, net of tax   (1,502 )     (2,510 )
    Distribution equivalent rights payments   (98 )     (393 )
    Preferred distributions   (20 )     (80 )
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 318,788  
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 0.86  
           
    Return of Capital $ 66,722     $ 0.65  
    Less:      
    Base dividend   30,893       0.30  
    Cash available for variable dividends $ 35,829     $ 0.35  
           
    Total approved base and variable dividend per share     $ 0.65  
           
    Class A common stock outstanding       102,977  
               

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc.’s Class A common stock.

     
    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in thousands)
       
      Three Months Ended December 31, 2024
    Income (loss) before income taxes $ 130,360  
    Less: Net income (loss) attributable to non-controlling interest   62,733  
    Pre-tax income attributable to Viper Energy, Inc. $ 67,627  
       
    Income taxes payable for the current period $ 6,139  
    Effective cash tax rate attributable to Viper Energy, Inc.   9.1 %
           

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in thousands, except per share data)
       
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Diluted Share
    Net income (loss) attributable to Viper Energy, Inc.(1) $ 210,067     $ 2.04  
    Net income (loss) attributable to non-controlling interest   62,733       0.61  
    Net income (loss)(1)   272,800       2.65  
    Non-cash (gain) loss on derivative instruments, net   (7,062 )     (0.07 )
    Other non-cash operating expenses   58        
    Adjusted income excluding above items(1)   265,796       2.58  
    Income tax adjustment for above items   (7,653 )     (0.08 )
    Adjusted net income (loss)(1)   258,143       2.50  
    Less: Adjusted net income (loss) attributed to non-controlling interests   59,211       0.57  
    Adjusted net income (loss) attributable to Viper Energy, Inc.(1) $ 198,932     $ 1.93  
           
    Weighted average Class A common shares outstanding:      
    Basic   102,977  
    Diluted   102,977  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.4 million in earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

                           
      December 31, 2024   Net QPrincipal Borrowings/ (Repayments)   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
      (in thousands)
    Total long-term debt(1) $ 1,091,350     $ 261,000     $ 830,350     $ 1,007,350     $ 1,103,350     $ 1,093,350  
    Cash and cash equivalents   (26,851 )         (168,649 )     (35,211 )     (20,005 )     (25,869 )
    Net debt $ 1,064,499         $ 661,701     $ 972,139     $ 1,083,345     $ 1,067,481  

    (1) Excludes debt issuance costs, discounts & premiums.

    PV-10

    PV-10 is the Company’s estimate of the present value of the future net revenues from proved oil and natural gas reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future net revenues are discounted at an annual rate of 10% to determine their “present value.” The Company believes PV-10 to be an important measure for evaluating the relative significance of its oil and natural gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, the Company believes the use of a pre-tax measure is valuable for evaluating the Company. The Company believes that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and natural gas industry.

    The following table reconciles the Company’s standardized measure of discounted future net cash flows, a GAAP financial measure to PV-10, a non-GAAP financial measure. PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.

       
    (in thousands) December 31, 2024
    Standardized measure of discounted future net cash flows after taxes $ 3,319,544  
    Add: Present value of future income tax discounted at 10%   364,976  
    PV-10 $ 3,684,520  
           

    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

       
      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Deferred Premium Puts – WTI (Cushing)   20,000       20,000       18,000                    
    Strike $ 55.00     $ 55.00     $ 55.00     $     $     $  
    Premium $ (1.62 )   $ (1.61 )   $ (1.60 )   $     $     $  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Costless Collars – Henry Hub   60,000       60,000       60,000       60,000       60,000        
    Floor $ 2.50     $ 2.50     $ 2.50     $ 2.50     $ 2.75     $  
    Ceiling $ 4.93     $ 4.93     $ 4.93     $ 4.93     $ 6.64     $  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Natural Gas Basis Swaps – Waha Hub   60,000       60,000       60,000       60,000       40,000       40,000  
    Swap Price $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (1.40 )   $ (1.40 )
                                                   

    Investor Contact:

    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network

  • MIL-OSI: Goosehead Insurance, Inc. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Total Revenue Increased 20% for the year to $314.5 million
    Core Revenue Grew 17% for the year to $273.7 million
    Total Written Premium in 2024 Increased 29% to $3.8 billion
    2024 Net Income of $49.1 million versus $23.7 million in 2023
    Adjusted EBITDA in 2024 up 43% to $99.9 million

    WESTLAKE, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Total Revenues grew 49% over the prior-year period to $93.9 million in the fourth quarter of 2024
    • Fourth quarter Core Revenues* of $68.0 million increased 19% over the prior-year period
    • Fourth quarter net income of $23.8 million improved from net income of $5.4 million a year ago. EPS of $0.60 per share increased 300% and adjusted EPS* of $0.79 per share increased 182%, over the prior-year period
    • Net income margin for the fourth quarter was 25%
    • Adjusted EBITDA* of $37.4 million increased 164% from $14.1 million in the prior-year period
    • Adjusted EBITDA Margin* increased 17 percentage points over the prior-year period to 40%
    • Total written premiums placed for the fourth quarter increased 28% over the prior-year period to $965.6 million
    • Policies in force grew 13% from the prior-year period to approximately 1,674,000

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We had an outstanding 2024 in the face of significant macro headwinds. For the full year premium growth was 29%, total revenue increased 20%, core revenue was up 17%, net income grew 107% to $49.1 million and Adjusted EBITDA grew 43% to $99.9 million, with net income margin of 16% up 700 basis points and Adjusted EBITDA Margin of 32% up 500 basis points,” stated Mark K Miller, President and CEO. “I am pleased we began to demonstrate growth re-acceleration in a number of key performance indicators including policies in force were up 13%. Our producer base is healthier than ever as franchise productivity was up 49%, coupled with franchise producer growth of 7%. Loss activity and insurance market challenges in 2024 and the start of 2025 have further highlighted the importance of appropriate personal lines coverage, as well as the value we bring to clients, agents and carriers. We are encouraged to be seeing signs of gradual improvement in the product market. I couldn’t be more excited for what lies ahead as we continue to invest in people and technology. This further expands our competitive moat as we progress on our journey to becoming the largest distributor of personal lines in the US.” 

    Fourth Quarter 2024 Results
    For the fourth quarter of 2024, revenues were $93.9 million, an increase of 49% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $68.0 million, a 19% increase from $56.9 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was primarily driven by strong client retention of 84% and rising premium rates as well as increases in both the number of corporate agents and productivity per agency. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the fourth quarter compared to the corresponding period in prior year.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2024 were $56.5 million, up 16% from $48.9 million in the prior-year period. The increase from the prior period was primarily due to increased employee compensation and benefits expenses related to investments in corporate producers, technology, and service functions. General and administrative expenses, excluding impairment, increased to $17.8 million from $14.1 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $6.9 million for the period, compared to $5.0 million a year ago. Bad debt expense of $0.6 million decreased from $1.0 million a year ago.

    Net income in the fourth quarter of 2024 was $23.8 million versus net income of $5.4 million a year ago, with the improvement primarily due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2024 were $0.60 and 25%, respectively. Adjusted EPS for the fourth quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.79 per share. Total Adjusted EBITDA was $37.4 million for the fourth quarter of 2024 compared to $14.1 million in the prior-year period. Adjusted EBITDA Margin of 40% was up 17 percentage points in the quarter.

    Liquidity and Capital Resources
    As of December 31, 2024, the Company had cash and cash equivalents of $58.0 million. We had an unused line of credit of $74.8 million as of December 31, 2024. Total outstanding term note payable balance was $93.1 million as of December 31, 2024.

    On January 8, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”) providing for an aggregate $300 million term notes payable (the “2025 Initial Term Loan”) and $75 million revolving credit facility (the “2025 Revolving Credit Facility”). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaces the existing Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated.

    On January 9, 2025, Goosehead Financial, LLC (“GF”) declared a special distribution of $175 million, which was paid in cash on January 31, 2025 to holders of record of LLC Units, including to GSHD, as of the close of business on January 21, 2025. The special distribution resulted in a payment of $59 million to our non-controlling interest holders. On January 9, 2025, the board of directors of the Company declared a one-time special cash dividend of $5.91 to all holders of Class A common stock of GSHD as of the close of business on January 21, 2025, which was paid in cash on January 31, 2025 for a total of $146 million. $1.22 of the special cash dividend was funded by cash received by GSHD from prior tax distributions from GF that are in excess of the corporate income taxes payable by GSHD. The remaining $4.69 of the special dividend was funded by the cash received by the Company from the special distribution by GF.

    2025 Outlook
    Our guidance for the full year 2025 is as follows:

    • Total written premiums placed are expected to be between $4.65 billion and $4.88 billion representing 22% organic growth on the low end of the range, and 28% organic growth on the high end of the range.
    • Total revenues are expected to be between $350 million and $385 million representing 11% organic growth on the low end of the range and 22% organic growth on the high end of the range.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com 

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,
      Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Commissions and agency fees   $ 50,277     $ 27,424     $ 139,059     $ 116,061  
    Franchise revenues     43,438       35,282       174,514       143,772  
    Interest income     207       308       932       1,443  
    Total revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits     45,044       38,803       172,942       152,604  
    General and administrative expenses     17,833       14,092       67,069       62,111  
    Bad debts     556       1,009       2,901       4,361  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Total operating expenses     66,072       56,331       253,365       228,320  
    Income from operations     27,850       6,683       61,140       32,956  
    Other Income:                
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Other income (expense)     (1,359 )           (7,101 )      
    Income before taxes     24,681       5,172       46,700       26,388  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Net Income     23,822       5,423       49,113       23,696  
    Less: net income attributable to non-controlling interests     8,968       1,803       18,688       9,556  
    Net Income attributable to Goosehead Insurance, Inc.   $ 14,855     $ 3,620     $ 30,425     $ 14,140  
    Earnings per share:                
    Basic   $ 0.60     $ 0.15     $ 1.23     $ 0.59  
    Diluted   $ 0.57     $ 0.14     $ 1.15     $ 0.55  
    Weighted average shares of Class A common stock outstanding:                
    Basic     24,562       24,688       24,657       23,929  
    Diluted     38,399       25,516       38,301       38,356  
                                     


    Goosehead Insurance, Inc.

    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,
      Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 18,171     $ 17,335     $ 74,938     $ 70,730  
    Renewal Royalty Fees(2)     34,990       27,180       138,942       107,524  
    New Business Commissions(1)     5,997       5,512       24,608       23,411  
    New Business Royalty Fees(2)     6,725       5,349       27,122       23,168  
    Agency Fees(1)     2,091       1,532       8,127       8,174  
    Total Core Revenue     67,974       56,908       273,737       233,007  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,332       2,458       6,620       11,238  
    Interest Income     207       308       932       1,443  
    Total Cost Recovery Revenue     1,539       2,766       7,552       12,681  
    Ancillary Revenue:                
    Contingent Commissions(1)     24,018       3,045       31,385       13,746  
    Other Franchise Revenues(2)     391       296       1,831       1,843  
    Total Ancillary Revenue     24,409       3,340       33,216       15,588  
    Total Revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     38,155       33,765       144,971       128,615  
    General and administrative expenses, excluding impairment     17,833       14,092       66,723       58,483  
    Bad debts     556       1,009       2,901       4,361  
    Total     56,544       48,866       214,594       191,459  
    Adjusted EBITDA     37,378       14,148       99,911       69,817  
    Adjusted EBITDA Margin     40 %     22 %     32 %     27 %
                     
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Depreciation and amortization     (2,639 )     (2,427 )     (10,453 )     (9,244 )
    Tax (expense) benefit     (859 )     252       2,413       (2,692 )
    Equity-based compensation     (6,889 )     (5,038 )     (27,971 )     (23,989 )
    Impairment expense                 (347 )     (3,628 )
    Other Income (expense)     (1,359 )           (7,101 )      
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Net Income Margin     25 %     9 %     16 %     9 %

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.

    Goosehead Insurance, Inc.
    Consolidated Balance Sheets
    (Unaudited) 
    (In thousands, except par value amounts)

        December 31,
          2024     2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 54,280   $ 41,956
    Restricted cash     3,693     2,091
    Commissions and agency fees receivable, net     31,375     12,903
    Receivable from franchisees, net     11,077     9,720
    Prepaid expenses     8,139     7,889
    Total current assets     108,564     74,559
    Receivable from franchisees, net of current portion     3,469     9,269
    Property and equipment, net of accumulated depreciation     24,101     30,316
    Right-of-use asset     37,420     38,406
    Intangible assets, net of accumulated amortization     25,075     17,266
    Deferred income taxes, net     193,478     181,209
    Other assets     5,546     3,867
    Total assets   $ 397,653   $ 354,892
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 22,894   $ 16,398
    Premiums payable     3,693     2,091
    Lease liability     6,535     8,897
    Contract liabilities     3,275     4,129
    Note payable     10,063     9,375
    Total current liabilities     46,460     40,890
    Lease liability, net of current portion     54,536     57,382
    Note payable, net of current portion     82,251     67,562
    Contract liabilities, net of current portion     15,191     22,970
    Liabilities under tax receivable agreement     160,142     149,302
    Total liabilities     358,580     338,106
    Total equity     39,073     16,786
    Total liabilities and equity   $ 397,653   $ 354,892

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

      Three Months
    Ended December 31,
      Twelve Months
    Ended December 31,
        2024     2023     2024     2023
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276
                   
    Core Revenue:              
    Renewal Commissions(1) $ 18,171   $ 17,335   $ 74,938   $ 70,730
    Renewal Royalty Fees(2)   34,990     27,180     138,942     107,524
    New Business Commissions(1)   5,997     5,512     24,608     23,411
    New Business Royalty Fees(2)   6,725     5,349     27,122     23,168
    Agency Fees(1)   2,091     1,532     8,127     8,174
    Total Core Revenue   67,974     56,908     273,737     233,007
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,332     2,458     6,620     11,238
    Interest Income   207     308     932     1,443
    Total Cost Recovery Revenue   1,539     2,766     7,552     12,681
    Ancillary Revenue:              
    Contingent Commissions(1)   24,018     3,045     31,385     13,746
    Other Franchise Revenues(2)   391     296     1,831     1,843
    Total Ancillary Revenue   24,409     3,340     33,216     15,588
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

        Three Months
    Ended December 31,
      Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Interest expense     1,810       1,511       7,339       6,568  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Equity-based compensation     6,889       5,038       27,971       23,989  
    Impairment expense                 347       3,628  
    Other (income) expense     1,359             7,101        
    Adjusted EBITDA   $ 37,378     $ 14,148     $ 99,911     $ 69,817  
    Net Income Margin(1)     25 %     9 %     16 %     9 %
    Adjusted EBITDA Margin(2)     40 %     22 %     32 %     27 %

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($23,822/$93,922) and ($5,423/$63,014) for the three months ended December 31, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($49,113/$314,505) and ($23,696/$261,276) for the twelve months ended December 31, 2024 and 2023
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($37,378/$93,922), and ($14,148/$63,014) for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($99,911/$314,505), and ($69,817/$261,276) for the twelve months ended December 31, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months
    Ended December 31,
      Twelve Months
    Ended December 31,
          2024     2023     2024     2023
    Earnings per share – basic (GAAP)   $ 0.60   $ 0.15   $ 1.23   $ 0.59
    Add: equity-based compensation(1)     0.19     0.13     0.75     0.64
    Add: impairment expense(2)             0.01     0.10
    Adjusted EPS (non-GAAP)   $ 0.79   $ 0.28   $ 1.99   $ 1.33

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.9 million/(24.6 million + 12.7 million)] for the three months ended December 31, 2024 and [$5.0 million/ (24.7 million + 13.2 million)] for the three months ended December 31, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$28.0 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$24.0 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$3.6 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023. No impairment was recorded for the three months ended December 31, 2024 nor the three months ended December 31, 2023.


    Goosehead Insurance, Inc.

    Key Performance Indicators

        December 31, 2024   December 31, 2023
    Corporate sales agents < 1 year tenured     253       135  
    Corporate sales agents > 1 year tenured     164       165  
    Operating franchises < 1 year tenured     90       183  
    Operating franchises > 1 year tenured     1,013       1,043  
    Total Franchise Producers     2,092       1,957  
    QTD Corporate Agent Productivity < 1 Year (1)   $ 12,787     $ 13,789  
    QTD Corporate Agent Productivity > 1 Year (1)   $ 26,788     $ 25,738  
    QTD Franchise Productivity < 1 Year (2)   $ 17,861     $ 10,975  
    QTD Franchise Productivity > 1 Year (2)   $ 29,089     $ 21,103  
    Policies in Force     1,674,000       1,486,000  
    Client Retention     84 %     86 %
    Premium Retention     98 %     101 %
    QTD Written Premium (in thousands)   $ 965,596     $ 756,082  
    Net Promoter Score (“NPS”)     89       92  

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network

  • MIL-OSI: Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Average production of 475.9 MBO/d (883.4 MBOE/d)
    • Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.3 billion
    • Cash capital expenditures of $933 million
    • Free Cash Flow (as defined and reconciled below) of $1.3 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.4 billion
    • Increased annual base dividend by 11% to $4.00 per share; declared Q4 2024 base cash dividend of $1.00 per share payable on March 13, 2025; implies a 2.6% annualized yield based on February 21, 2025 closing share price of $156.12
    • Repurchased 2,326,247 shares of common stock in Q4 2024 for $402 million, excluding excise tax (at a weighted average price of $172.91 per share); repurchased 1,254,600 shares of common stock to date in Q1 2025 for $210 million, excluding excise tax (at a weighted average price of $167.42 per share)
    • Total Q4 2024 return of capital of $694 million; represents ~51% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q4 2024 base dividend
    • Closed previously announced TRP Energy (“TRP”) transaction in December 2024

    FULL YEAR 2024 HIGHLIGHTS

    • Average production of 337.0 MBO/d (598.3 MBOE/d)
    • Net cash provided by operating activities of $6.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.5 billion
    • Cash capital expenditures of $2.9 billion
    • Free Cash Flow (as defined and reconciled below) of $3.6 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $4.0 billion
    • Declared total base-plus-variable dividends of $6.21 per share for the full year 2024
    • Repurchased 5,525,276 shares of common stock in 2024 for $959 million, excluding excise tax (at a weighted average price of $173.57 per share)
    • Total full year 2024 return of capital of $2.3 billion; represents ~57% of FY 2024 Adjusted Free Cash Flow (as defined and reconciled below)
    • As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
    • Proved reserves as of December 31, 2024 of 3,557 MMBOE (1,761 MMBO, 50% oil), up 63% year over year; proved developed producing (“PDP”) reserves of 2,385 MMBOE (1,121 MMBO, 47% oil, 67% of proved reserves), up 59% year over year

    2025 GUIDANCE HIGHLIGHTS

    Please note the guidance below gives effect to the pending acquisition of Double Eagle IV Midco, LLC (“Double Eagle”) from April 1, 2025 onward.

    • Full year 2025 oil production guidance of 485 – 498 MBO/d (883 – 909 MBOE/d)
    • Full year 2025 cash capital expenditures guidance of $3.8 – $4.2 billion
    • The Company expects to drill between 446 – 471 gross (406 – 428 net) wells and complete between 557 – 592 gross (526 – 560 net) wells with an average lateral length of approximately 11,500 feet in 2025
    • Q1 2025 oil production guidance of 470 – 475 MBO/d (860 – 875 MBOE/d)
    • Q1 2025 cash capital expenditures guidance of $900 million – $1.0 billion
    • Implies Q2 2025 – Q4 2025 run-rate oil production of 490 – 505 MBO/d (891 – 920 MBOE/d)
    • Full year 2025 Midland Basin well costs per lateral foot guidance of $555 – $605
    • Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 44.8, 10% better than the Company’s original pro forma 2025 outlook provided in February 2024

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the fourth quarter of 2024.

    Total Activity (Gross Operated):          
      Number of Wells Drilled
      Number of Wells Completed
    Midland Basin 131     124  
    Delaware Basin 6     4  
    Total 137     128  
    Total Activity (Net Operated):          
      Number of Wells Drilled
      Number of Wells Completed
    Midland Basin 124     113  
    Delaware Basin 5     4  
    Total 129     117  

    During the fourth quarter of 2024, Diamondback drilled 131 gross wells in the Midland Basin and six gross wells in the Delaware Basin. The Company turned 124 operated wells to production in the Midland Basin and four gross wells in the Delaware Basin, with an average lateral length of 11,810 feet. Operated completions during the fourth quarter consisted of 26 Wolfcamp A wells, 26 Lower Spraberry wells, 24 Wolfcamp B wells, 19 Jo Mill wells, 15 Middle Spraberry wells, four Wolfcamp D wells, four Dean wells, three Upper Spraberry wells, three Barnett wells, two Second Bone Spring wells and two Third Bone Spring wells.

    For the year ended December 31, 2024, Diamondback drilled 342 gross wells in the Midland Basin and 30 gross wells in the Delaware Basin. The Company turned 391 operated wells to production in the Midland Basin and 19 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the year ended December 31, 2024 was 11,719 feet, and consisted of 98 Lower Spraberry wells, 87 Wolfcamp A wells, 69 Wolfcamp B wells, 59 Jo Mill wells, 49 Middle Spraberry wells, 13 Wolfcamp D wells, 13 Dean wells, nine Upper Spraberry wells, six Third Bone Spring wells, four Barnett wells and three Second Bone Spring wells.

    FINANCIAL UPDATE

    Diamondback’s fourth quarter 2024 net income was $1.1 billion, or $3.67 per diluted share. Adjusted net income (as defined and reconciled below) for the fourth quarter was $1.1 billion, or $3.64 per diluted share. For the full year ended December 31, 2024, Diamondback’s net income was $3.3 billion, or $15.53 per diluted share. Adjusted net income for the full year was $3.6 billion, or $16.57 per diluted share.

    Fourth quarter 2024 net cash provided by operating activities was $2.3 billion. For the full year ended December 31, 2024, Diamondback’s net cash provided by operating activities was $6.4 billion.

    During the fourth quarter of 2024, Diamondback spent $834 million on operated and non-operated drilling and completions, $93 million on infrastructure and environmental and $6 million on midstream, for total cash capital expenditures of $933 million. For the full year ended 2024, Diamondback spent $2.6 billion on operated and non-operated drilling and completions, $221 million on infrastructure and environmental and $14 million on midstream, for total cash capital expenditures of $2.9 billion.

    Fourth quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.6 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the fourth quarter was $2.5 billion. For the full year ended December 31, 2024, Consolidated Adjusted EBITDA was $7.7 billion. Adjusted EBITDA net of non-controlling interest for the full year was $7.3 billion.

    Diamondback’s fourth quarter 2024 Free Cash Flow (as defined and reconciled below) was $1.3 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the fourth quarter was $1.4 billion. For the full year ended December 31, 2024, Diamondback’s Free Cash Flow was $3.6 billion, with $4.0 billion of Adjusted Free Cash Flow over the same period.

    Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $42.71 per BOE.

    Diamondback’s cash operating costs for the fourth quarter of 2024 were $10.30 per BOE, including lease operating expenses (“LOE”) of $5.67 per BOE, cash general and administrative (“G&A”) expenses of $0.69 per BOE, production and ad valorem taxes of $2.77 per BOE and gathering, processing and transportation expenses of $1.17 per BOE.

    As of December 31, 2024, Diamondback had $134 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of December 31, 2024, the Company had consolidated total debt of $13.2 billion and consolidated net debt (as defined and reconciled below) of $13.0 billion, up from consolidated total debt of $13.1 billion and consolidated net debt of $12.7 billion as of September 30, 2024.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the fourth quarter of 2024 payable on March 13, 2025 to stockholders of record at the close of business on March 6, 2025.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the fourth quarter of 2024, Diamondback repurchased ~2.3 million shares of common stock at an average share price of $172.91 for a total cost of approximately $402 million, excluding excise tax. To date, Diamondback has repurchased ~25.8 million shares of common stock at an average share price of $136.82 for a total cost of approximately $3.5 billion and has approximately $2.5 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    RESERVES

    Estimates of Diamondback’s proved reserves as of December 31, 2024 were prepared by Diamondback’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm. Reference prices of $75.48 per barrel of oil and $2.13 per Mmbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $76.15 per barrel of oil, $0.54 per Mcf of natural gas and $22.02 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company’s horizontal well inventory. Proved undeveloped reserves (“PUD” or “PUDs”) increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback’s total proved reserves.

    Net proved reserve additions of 1,599 MMBOE resulted in a reserve replacement ratio of 730% (defined as the sum of extensions and discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 68% (defined as the sum of extensions and discoveries and revisions, divided by annual production).

    Net purchases of reserves were the primary contributor to the increase in reserves totaling 1,449 MMBOE followed by Extensions and discoveries of reserves totaling 279 MMBOE, with downward revisions of 129 MMBOE. PDP extensions were the result of 1,172 new wells in which the Company has an interest, and PUD extensions were the result of 445 new locations in which the Company has a working interest. Net purchases of reserves of 1,449 MMBOE were the net result of acquisitions of 1,569 MMBOE and divestitures of 121 MMBOE. Downward revisions of 129 MMBOE were primarily the result of negative revisions of 89 MMBOE associated with lower commodity prices, 49 MMBOE due to PUD downgrades related to changes in the corporate development plan and 17 MMBOE due to a decline in well performance. These were partially offset by positive performance revisions of 26 MMBOE related to ownership and acquisition variance revisions.

    The SEC PUD guidelines allow a company to book PUD reserves associated with projects that are to occur within the next five years. With its current development plan, the Company expects to continue its strong PUD conversion ratio in 2025 by converting an estimated 33% of its PUDs to a Proved Developed category, and develop approximately 78% of the consolidated 2024 year-end PUD reserves by the end of 2027.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   MBOE
    As of December 31, 2023 1,143,944     2,997,422     534,247     2,177,761  
    Extensions and discoveries 168,375     310,421     58,696     278,808  
    Revisions of previous estimates (78,142 )   (158,468 )   (24,518 )   (129,071 )
    Purchase of reserves in place 697,702     2,391,264     473,236     1,569,482  
    Divestitures (47,505 )   (240,044 )   (33,080 )   (120,592 )
    Production (123,325 )   (275,680 )   (49,700 )   (218,972 )
    As of December 31, 2024 1,761,049     5,024,915     958,881     3,557,416  

    Diamondback’s exploration and development costs in 2024 were $3.2 billion. PD F&D costs were $10.51/BOE. PD F&D costs are defined as exploration and development costs, excluding midstream, divided by the sum of reserves associated with transfers from proved undeveloped reserves at year-end 2023 including any associated revisions in 2024 and extensions and discoveries placed on production during 2024. Drill bit F&D costs were $19.12/BOE including the effects of all revisions including pricing revisions. Drill bit F&D costs are defined as the exploration and development costs, excluding midstream, divided by the sum of extensions, discoveries and revisions.

      Year Ended December 31,
        2024       2023       2022  
      (In millions)
    Acquisition costs:          
    Proved properties $ 21,275     $ 1,314     $ 778  
    Unproved properties   15,568       1,701       1,536  
    Development costs   2,992       1,962       566  
    Exploration costs   194       768       1,698  
    Total $ 40,029     $ 5,745     $ 4,578  


    FULL YEAR 2025 GUIDANCE

    Below is Diamondback’s guidance for the full year 2025, which includes first quarter production, cash tax and capital guidance. This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

      2025 Guidance 2025 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2025 Net production – MBOE/d 883 – 909  
    2025 Oil production – MBO/d 485 – 498  
    Q1 2025 Oil production – MBO/d (total – MBOE/d) 470 – 475 (860 – 875) 30.0 – 31.0 (54.0 – 56.0)
         
    Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.90 – $6.30  
    G&A    
    Cash G&A $0.60 – $0.75  
    Non-cash equity-based compensation $0.25 – $0.35  
    DD&A $14.00 – $15.00  
    Interest expense (net of interest income) $0.25 – $0.50  
    Gathering, processing and transportation $1.20 – $1.40  
         
    Production and ad valorem taxes (% of revenue) ~7%  
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 17% – 20%  
    Q1 2025 Cash taxes ($ – million) $280 – $340  
         
    Capital Budget ($ – million)    
    Operated drilling and completion $3,130 – $3,440  
    Capital workovers, non-operated properties and science $280 – $320  
    Infrastructure, environmental and midstream(1) $390 – $440  
    2025 Total capital expenditures $3,800 – $4,200  
    Q1 2025 Capital expenditures $900 – $1,000  
         
    Gross horizontal wells drilled (net) 446 – 471 (406 – 428)  
    Gross horizontal wells completed (net) 557 – 592 (526 – 560)  
    Average lateral length (Ft.) ~11,500′  
    FY 2025 Midland Basin well costs per lateral foot $555 – $605  
    FY 2025 Delaware Basin well costs per lateral foot $860 – $910  
    Midland Basin completed net lateral feet (%) ~95%  
    Delaware Basin completed net lateral feet (%) ~5%  

    (1) Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the pending Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents ($27 million and $26 million related to Viper) $ 161     $ 582  
    Restricted cash   3       3  
    Accounts receivable:      
    Joint interest and other, net   198       192  
    Oil and natural gas sales, net ($149 million and $109 million related to Viper)   1,387       654  
    Inventories   116       63  
    Derivative instruments   168       17  
    Prepaid expenses and other current assets   77       110  
    Total current assets   2,110       1,621  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($22,666 million and $8,659 million excluded from amortization at December 31, 2024 and December 31, 2023, respectively) ($5,713 million and $4,629 million related to Viper and $2,180 million and $1,769 million excluded from amortization related to Viper)   82,240       42,430  
    Other property, equipment and land   1,440       673  
    Accumulated depletion, depreciation, amortization and impairment ($1,081 million and $866 million related to Viper)   (19,208 )     (16,429 )
    Property and equipment, net   64,472       26,674  
    Funds held in escrow   1        
    Equity method investments   375       529  
    Derivative instruments   2       1  
    Deferred income taxes, net ($185 million and $57 million related to Viper)   173       45  
    Other assets   159       131  
    Total assets $ 67,292     $ 29,001  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade $ 253     $ 261  
    Accrued capital expenditures   690       493  
    Current maturities of debt   900        
    Other accrued liabilities   1,020       475  
    Revenues and royalties payable   1,491       764  
    Derivative instruments   43       86  
    Income taxes payable   414       29  
    Total current liabilities   4,811       2,108  
    Long-term debt ($1,083 million and $1,083 million related to Viper)   12,075       6,641  
    Derivative instruments   106       122  
    Asset retirement obligations   573       239  
    Deferred income taxes   9,826       2,449  
    Other long-term liabilities   39       12  
    Total liabilities   27,430       11,571  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 290,984,373 and 178,723,871 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively   3       2  
    Additional paid-in capital   33,501       14,142  
    Retained earnings (accumulated deficit)   4,238       2,489  
    Accumulated other comprehensive income (loss)   (6 )     (8 )
    Total Diamondback Energy, Inc. stockholders’ equity   37,736       16,625  
    Non-controlling interest   2,126       805  
    Total equity   39,862       17,430  
    Total liabilities and stockholders’ equity $ 67,292     $ 29,001  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues:              
    Oil, natural gas and natural gas liquid sales $ 3,471     $ 2,165     $ 10,100     $ 8,228  
    Sales of purchased oil   225       52       923       111  
    Other operating income   15       11       43       73  
    Total revenues   3,711       2,228       11,066       8,412  
    Costs and expenses:              
    Lease operating expenses   461       254       1,286       872  
    Production and ad valorem taxes   225       104       638       525  
    Gathering, processing and transportation   95       78       356       287  
    Purchased oil expense   225       52       921       111  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    General and administrative expenses   72       39       213       150  
    Merger and integration expense   30             303       11  
    Other operating expenses   35       27       103       140  
    Total costs and expenses   2,299       1,023       6,670       3,842  
    Income (loss) from operations   1,412       1,205       4,396       4,570  
    Other income (expense):              
    Interest expense, net   (34 )     (29 )     (135 )     (159 )
    Other income (expense), net   (7 )     (9 )     80       52  
    Gain (loss) on derivative instruments, net   36       99       137       (259 )
    Gain (loss) on extinguishment of debt               2       (4 )
    Income (loss) from equity investments, net   (2 )     9       21       48  
    Total other income (expense), net   (7 )     70       105       (322 )
    Income (loss) before income taxes   1,405       1,275       4,501       4,248  
    Provision for (benefit from) income taxes   115       264       800       912  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
                   
    Earnings (loss) per common share:              
    Basic $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Diluted $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Weighted average common shares outstanding:              
    Basic   291,851       178,811       213,545       179,999  
    Diluted   291,851       178,811       213,545       179,999  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ 1,290     $ 1,011     $ 3,701     $ 3,336  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Provision for (benefit from) deferred income taxes   (165 )     193       15       378  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    (Gain) loss on extinguishment of debt               (2 )     4  
    (Gain) loss on derivative instruments, net   (36 )     (99 )     (137 )     259  
    Cash received (paid) on settlement of derivative instruments   (15 )     (48 )     (51 )     (110 )
    (Income) loss from equity investment, net   2       (9 )     (21 )     (48 )
    Equity-based compensation expense   16       14       65       54  
    Other   12       28       89       5  
    Changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Net cash provided by (used in) operating activities   2,341       1,624       6,413       5,920  
    Cash flows from investing activities:              
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Property acquisitions   (926 )     (820 )     (8,920 )     (2,013 )
    Proceeds from sale of assets   8       7       467       1,407  
    Other   (4 )     (2 )     99       (16 )
    Net cash provided by (used in) investing activities   (1,855 )     (1,464 )     (11,221 )     (3,323 )
    Cash flows from financing activities:              
    Proceeds under term loan agreement               1,000        
    Repayments under term loan agreement   (100 )           (100 )      
    Proceeds from borrowings under credit facilities   2,190       313       3,375       4,779  
    Repayments under credit facilities   (2,044 )     (300 )     (3,377 )     (4,668 )
    Proceeds from senior notes         400       5,500       400  
    Repayment of senior notes               (25 )     (134 )
    Repurchased shares under buyback program   (402 )     (131 )     (959 )     (840 )
    Repurchased shares/units under Viper’s buyback program         (28 )           (95 )
    Proceeds from partial sale of investment in Viper Energy, Inc.               451        
    Net proceeds from Viper’s issuance of common stock               476        
    Dividends paid to stockholders   (262 )     (603 )     (1,578 )     (1,444 )
    Dividends/distributions to non-controlling interest   (70 )     (45 )     (227 )     (129 )
    Other   (7 )     (11 )     (149 )     (45 )
    Net cash provided by (used in) financing activities   (695 )     (405 )     4,387       (2,176 )
    Net increase (decrease) in cash and cash equivalents   (209 )     (245 )     (421 )     421  
    Cash, cash equivalents and restricted cash at beginning of period   373       830       585       164  
    Cash, cash equivalents and restricted cash at end of period $ 164     $ 585     $ 164     $ 585  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Production Data:              
    Oil (MBbls)   43,785       25,124       123,325       96,176  
    Natural gas (MMcf)   107,249       50,497       275,680       198,117  
    Natural gas liquids (MBbls)   19,615       9,016       49,700       34,217  
    Combined volumes (MBOE)(1)   81,275       42,556       218,972       163,413  
                   
    Daily oil volumes (BO/d)   475,924       273,087       336,954       263,496  
    Daily combined volumes (BOE/d)   883,424       462,565       598,284       447,707  
                   
    Average Prices:              
    Oil ($ per Bbl) $ 69.48     $ 76.42     $ 73.52     $ 75.68  
    Natural gas ($ per Mcf) $ 0.48     $ 1.29     $ 0.32     $ 1.32  
    Natural gas liquids ($ per Bbl) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Combined ($ per BOE) $ 42.71     $ 50.87     $ 46.12     $ 50.35  
                   
    Oil, hedged ($ per Bbl)(2) $ 68.72     $ 75.59     $ 72.68     $ 74.72  
    Natural gas, hedged ($ per Mcf)(2) $ 0.82     $ 1.31     $ 0.91     $ 1.48  
    Natural gas liquids, hedged ($ per Bbl)(2) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Average price, hedged ($ per BOE)(2) $ 42.76     $ 50.40     $ 46.38     $ 49.98  
                   
    Average Costs per BOE:              
    Lease operating expenses $ 5.67     $ 5.97     $ 5.87     $ 5.34  
    Production and ad valorem taxes   2.77       2.44       2.91       3.21  
    Gathering, processing and transportation expense   1.17       1.83       1.63       1.76  
    General and administrative – cash component   0.69       0.59       0.68       0.59  
    Total operating expense – cash $ 10.30     $ 10.83     $ 11.09     $ 10.90  
                   
    General and administrative – non-cash component $ 0.20     $ 0.33     $ 0.30     $ 0.33  
    Depreciation, depletion, amortization and accretion $ 14.22     $ 11.02     $ 13.02     $ 10.68  
    Interest expense, net $ 0.42     $ 0.68     $ 0.62     $ 0.97  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (147 )     (188 )     149  
    Interest expense, net   34       29       135       159  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    Depreciation and interest expense related to equity method investments   30       18       91       70  
    (Gain) loss on extinguishment of debt               (2 )     4  
    Non-cash equity-based compensation expense   24       21       95       80  
    Capitalized equity-based compensation expense   (8 )     (7 )     (30 )     (26 )
    Merger and integration expenses   30             303       11  
    Other non-cash transactions   2       12       (62 )     (52 )
    Provision for (benefit from) income taxes   115       264       800       912  
    Consolidated Adjusted EBITDA   2,622       1,670       7,693       6,389  
    Less: Adjustment for non-controlling interest   118       82       411       290  
    Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 2,504     $ 1,588     $ 7,282     $ 6,099  

    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
               
      Three Months Ended
    December 31, 2024
      Year Ended
    December 31, 2024
      Amounts   Amounts Per
    Diluted
    Share
      Amounts   Amounts Per
    Diluted
    Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1) $ 1,074     $ 3.67     $ 3,338     $ 15.53  
    Net income (loss) attributable to non-controlling interest   216       0.74       363       1.70  
    Net income (loss)(1)   1,290       4.41       3,701       17.23  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (0.17 )     (188 )     (0.88 )
    (Gain) loss on extinguishment of debt               (2 )     (0.01 )
    Merger and integration expense   30       0.10       303       1.42  
    Other non-cash transactions   2             (62 )     (0.29 )
    Adjusted net income excluding above items(1)   1,271       4.34       3,752       17.47  
    Income tax adjustment for above items   2       0.01       (9 )     (0.04 )
    Adjusted net income(1)   1,273       4.35       3,743       17.43  
    Less: Adjusted net income attributable to non-controlling interest   206       0.71       183       0.86  
    Adjusted net income attributable to Diamondback Energy, Inc.(1) $ 1,067     $ 3.64     $ 3,560     $ 16.57  
                   
    Weighted average common shares outstanding:              
    Basic     291,851           213,545  
    Diluted     291,851           213,545  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $4 million and $21 million in earnings attributable to participating securities for the three months ended December 31, 2024 and the year ended December 31, 2024, respectively, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 2,341     $ 1,624     $ 6,413     $ 5,920  
    Less: Changes in cash due to changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Total working capital changes   81       65       (96 )     296  
    Operating cash flow before working capital changes   2,260       1,559       6,509       5,624  
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Total Cash CAPEX   (933 )     (649 )     (2,867 )     (2,701 )
    Free Cash Flow   1,327       910       3,642       2,923  
    Tax impact from divestitures(1)                     64  
    Merger and integration expenses   30             303        
    Early termination of derivatives               37        
    Treasury locks               25        
    Adjusted Free Cash Flow $ 1,357     $ 910     $ 4,007     $ 2,987  

    (1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.

    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      December 31,
    2024
      Net Q4
    Principal
    Borrowings/
    (Repayments)
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      (in millions)
    Diamondback Energy, Inc.(1) $ 12,069     $ (215 )   $ 12,284     $ 11,169     $ 5,669     $ 5,697  
    Viper Energy, Inc.(1)   1,091       261       830       1,007       1,103       1,093  
    Total debt   13,160     $ 46       13,114       12,176       6,772       6,790  
    Cash and cash equivalents   (161 )         (370 )     (6,908 )     (896 )     (582 )
    Net debt $ 12,999         $ 12,744     $ 5,268     $ 5,876     $ 6,208  

    (1)  Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

    DERIVATIVES

    As of February 21, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025     Q2 2025     Q3 2025     Q4 2025     FY2026  
    Long Puts – Crude Brent Oil 52,000     48,000     27,000     12,000      
    Long Put Price ($/Bbl) $60.00     $58.44     $56.85     $55.00      
    Deferred Premium ($/Bbl) $-1.48     $-1.50     $-1.54     $-1.56      
    Long Puts – WTI (Magellan East Houston) 83,000     86,000     72,000     35,000      
    Long Put Price ($/Bbl) $55.84     $55.12     $55.00     $55.00      
    Deferred Premium ($/Bbl) $-1.59     $-1.58     -1.60     $-1.62      
    Long Puts – WTI (Cushing) 142,000     137,000     101,000     41,000      
    Long Put Price ($/Bbl) $56.58     $55.58     $55.00     $55.00      
    Deferred Premium ($/Bbl) $-1.59     $-1.58     $-1.58     $-1.61      
    Costless Collars – WTI (Cushing) 13,000                  
    Long Put Price ($/Bbl) $60.00                  
    Short Call Price ($/Bbl) $89.55                  
    Basis Swaps – WTI (Midland) 64,000     66,000     66,000     66,000      
    $1.09     $1.05     $1.05     $1.05      
    Roll Swaps – WTI 16,389     25,000     25,000     25,000      
    $0.93     $0.93     $0.93     $0.93      
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027  
    Costless Collars – Henry Hub 750,000     690,000     690,000     690,000     500,000      
    Long Put Price ($/Mmbtu) $2.52     $2.49     $2.49     $2.49     $2.64      
    Ceiling Price ($/Mmbtu) $5.26     $5.28     $5.28     $5.28     $6.31      
    Natural Gas Basis Swaps – Waha Hub 670,000     610,000     610,000     610,000     230,000     200,000  
    $-0.82     $-0.84     $-0.84     $-0.84     $-1.41     $-1.42  

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network

  • MIL-OSI: Dave to Participate in Upcoming Investor Conferences in March

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, California , Feb. 24, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced that the Company will participate in two upcoming investor conferences in March 2025.

    • The Citizens JMP Technology Conference is being held March 3-4 at The Ritz-Carlton in San Francisco, CA. The Company will participate in a fireside chat at 12:30pm PT and hold 1×1 meetings throughout the day on March 4. Please click here to view the live event. A replay of the presentation will also be available on the Dave investor relations website at investors.dave.com.
    • The Wolfe Research FinTech Forum is being held March 11-12 at the Lotte New York Palace in New York, NY. The Company will participate in an investor presentation and hold 1×1 meetings throughout the day on March 12.

    To request a meeting with the Dave team, please contact your respective conference representative or email the Company’s investor relations team at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    The MIL Network

  • MIL-OSI: Varonis to Present at March Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 24, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, announced its participation at the following upcoming conference:

    • The Morgan Stanley Technology, Media & Telecom Conference, March 3 – 6, in San Francisco. The presentation is scheduled for March 3 at 1:50 p.m. PT.

    The audio presentations will be webcast live and available by visiting the “Investor Relations” section of Varonis’ website at ir.varonis.com. The webcasts will be archived on the website for a limited time following the conferences.

    Additional Resources

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network

  • MIL-OSI: Nasdaq CFO Sarah Youngwood to Present at the Morgan Stanley Technology, Media & Telecom Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who:          Sarah Youngwood, EVP & CFO, Nasdaq
         
    What:   Morgan Stanley Technology, Media & Telecom Conference
         
    When:   Monday, March 3, 2025
    2:30 PM ET
         

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a 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 Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    • Fourth Quarter Revenue Growth of 165% Year-Over-Year to $147.5 million
    • Fourth Quarter Variable Marketing Dollars Increases Over 110% Year-Over-Year to $44.0 million
    • Delivers Fourth Quarter Net Income of $12.3 million and Adjusted EBITDA of $18.9 million
    • Full Year Revenue Grows 74% and Variable Marketing Dollars Increases 55%, Year-Over-Year
    • Full Year Net Income Increases to $32.2 million and Generates Operating Cash Flow of $66.6 million

    CAMBRIDGE, Mass., Feb. 24, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “I am proud of our remarkable team and our financial accomplishments in 2024. We grew revenue by 74% year-over-year to cross the $500 million mark for the first time, increased Adjusted EBITDA to almost $60 million, and finished the year with over $100 million of cash on the balance sheet, and no debt,” said Jayme Mendal, CEO of EverQuote. “Over the last year, we have refocused and clarified our vision to become the leading growth partner for P&C insurance providers by efficiently delivering better performing referrals, bigger traffic scale and a broader suite of products and services. We are emerging from the auto insurance downturn with record performance, and expect to carry forward our positive momentum and profitable growth into 2025 and beyond.”

    “Our strong momentum continued through the fourth quarter, as we again exceeded guidance across all three of our primary financial metrics: total revenue, Variable Marketing Dollars or VMD, and Adjusted EBITDA. We produced a record-level of revenue and net income, as well as a record-level of Adjusted EBITDA and operating cash flow for the full year 2024,” said Joseph Sanborn, CFO of EverQuote. “As we progress through 2025, we plan to make continued strategic investments to accelerate the advancement of our technology platform to enable faster development of product enhancements and new offerings for our customers. We are excited about our ability to continue to leverage our traffic expertise, data assets and technology to support our insurance provider customers in successfully expanding their business; and in turn enable EverQuote to further scale and drive growing profitability.”

    Fourth Quarter 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to the fourth quarter of 2023).

    • Total revenue of $147.5 million, an increase of 165%.
    • Automotive insurance vertical revenue of $135.9 million, an increase of over 200%.
    • Home and renters insurance vertical revenue of $11.3 million, an increase of 15%.
    • VMD more than doubled to $44.0 million, compared to $20.7 million.
    • GAAP net income of $12.3 million, compared to a GAAP net loss of ($6.3) million.
    • Adjusted EBITDA of $18.9 million, compared to ($0.9) million.
    • Operating cash flow of $20.1 million, compared to ($0.8) million.
    • Ended the quarter with $102.1 million in cash and cash equivalents, an increase of 23% from $82.8 million at the end of the third quarter of 2024.

    Full Year 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to full year 2023 results).

    • Total revenue of $500.2 million, an increase of 74%.
    • Automotive insurance vertical revenue of $446.1 million, an increase of 96%.
    • Home and renters insurance vertical revenue of $52.0 million, an increase of 27%.
    • VMD increased 55% to $155.2 million, compared to $100.3 million.
    • GAAP net income of $32.2 million, compared to a GAAP net loss of ($51.3) million. The net loss for 2023 includes $23.6 million of restructuring and other charges related to the sale of our health insurance vertical assets and workforce reduction.
    • Adjusted EBITDA of $58.2 million, compared to $0.5 million.
    • Operating cash flow of $66.6 million, compared to ($2.8) million.

    First Quarter 2025 Outlook:

    • Revenue of $155.0 – $160.0 million, representing 73% year-over-year growth at the midpoint.
    • Variable Marketing Dollars of $44.0 – $46.0 million, representing 46% year-over-year growth at the midpoint.
    • Adjusted EBITDA of $19.0 – $21.0 million, representing 163% year-over-year growth at the midpoint.

    With respect to the Company’s expectations under “First Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call and Webcast Information

    EverQuote will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results at 4:30 p.m. Eastern Time today, February 24, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

    Safe Harbor Statement

    This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements 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. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.

    About EverQuote

    EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 489-2193

     
    EVERQUOTE, INC.
    STATEMENTS OF OPERATIONS
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands except per share)  
    Revenue   $ 147,455     $ 55,705     $ 500,190     $ 287,921  
    Cost and operating expenses(1):                                
    Cost of revenue     5,420       4,988       20,922       22,455  
    Sales and marketing     114,209       44,594       387,700       240,131  
    Research and development     7,640       5,944       29,553       27,591  
    General and administrative     8,159       6,962       30,264       26,301  
    Restructuring and other charges           (21 )           23,568  
    Acquisition-related costs                       (150 )
    Total cost and operating expenses     135,428       62,467       468,439       339,896  
    Income (loss) from operations     12,027       (6,762 )     31,751       (51,975 )
    Other income:                                
    Interest income     683       382       2,079       1,251  
    Other income, net   24       9     178     14  
    Total other income, net     707       391       2,257       1,265  
    Income (loss) before income taxes     12,734       (6,371 )     34,008       (50,710 )
    Income tax (expense) benefit     (428 )     23       (1,839 )     (577 )
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Net income (loss) per share:                                
    Basic   $ 0.35     $ (0.19 )   $ 0.92     $ (1.54 )
    Diluted   $ 0.33     $ (0.19 )   $ 0.88     $ (1.54 )
    Weighted average common shares
        outstanding, basic and diluted
                                   
    Basic     35,490       33,954       35,007       33,350  
    Diluted     37,051       33,954       36,646       33,350  
                                     
    (1) Amounts include stock-based compensation expense, as follows:                          
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Cost of revenue   $ 53     $ 49     $ 182     $ 219  
    Sales and marketing     1,713       1,906       6,796       8,667  
    Research and development     1,422       1,574       5,502       8,053  
    General and administrative     2,122       1,284       8,134       5,869  
    Restructuring and other charges                       1,288  
        $ 5,310     $ 4,813     $ 20,614     $ 24,096  
     
     
    EVERQUOTE, INC.
    BALANCE SHEET DATA
     
        December 31,  
        2024     2023  
        (in thousands)  
    Cash and cash equivalents   $ 102,116     $ 37,956  
    Working capital     99,131       39,293  
    Total assets     210,530       110,925  
    Total liabilities     75,162       30,018  
    Total stockholders’ equity     135,368       80,907  
     
     
    EVERQUOTE, INC.
    STATEMENTS OF CASH FLOWS
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Cash flows from operating activities:                                
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Adjustments to reconcile net income (loss) to net cash provided by
       (used in) operating activities:
                                   
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Stock-based compensation expense     5,310       4,813       20,614       24,096  
    Loss on sale of health assets                       19,388  
    Impairment of right-of-use asset                       384  
    Change in fair value of contingent consideration
       liabilities
                          (150 )
    Provision for (recovery of) bad debt     (3 )     18       13       204  
    Unrealized foreign currency transaction (gains) losses     (82 )     22       (26 )     21  
    Changes in operating assets and liabilities:                                
    Accounts receivable     (13,099 )     952       (40,178 )     8,219  
    Prepaid expenses and other current assets     128       (1,675 )     440       962  
    Commissions receivable, current and non-current     1,158       1,565       4,880       4,176  
    Operating lease right-of-use assets     371       491       2,213       2,497  
    Other assets           385       (291 )     421  
    Accounts payable     12,961       (3,382 )     42,664       (13,411 )
    Accrued expenses and other current liabilities     (73 )     1,979       1,040       (1,543 )
    Deferred revenue     (14 )     (29 )     (107 )     5  
    Operating lease liabilities     (384 )     (658 )     (2,537 )     (3,006 )
    Net cash provided by (used in) operating activities     20,134       (792 )     66,566       (2,828 )
    Cash flows from investing activities:                                
    Acquisition of property and equipment, including costs
        capitalized for development of internal-use software
        (1,003 )     (852 )     (4,114 )     (3,840 )
    Proceeds from sale of health assets                       13,194  
    Net cash provided by (used in) investing activities     (1,003 )     (852 )     (4,114 )     9,354  
    Cash flows from financing activities:                                
    Proceeds from exercise of stock options     651       639       3,553       979  
    Tax withholding payments related to net share settlement     (496 )     (103 )     (1,846 )     (402 )
    Net cash provided by financing activities     155       536       1,707       577  
    Effect of exchange rate changes on cash,
        cash equivalents and restricted cash
        (11 )     15       1       18  
    Net increase (decrease) in cash, cash equivalents and
       restricted cash
        19,275       (1,093 )     64,160       7,121  
    Cash, cash equivalents and restricted cash at beginning
       of period
        82,841       39,049       37,956       30,835  
    Cash, cash equivalents and restricted cash at end
       of period
      $ 102,116     $ 37,956     $ 102,116     $ 37,956  
     
     
    EVERQUOTE, INC.
    FINANCIAL AND OPERATING METRICS
    Revenue by vertical:
        Three Months Ended
    December 31,
        Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 135,930     $ 44,985       202.2 %
    Home and Renters     11,298       9,821       15.0 %
    Other     227       899       -74.7 %
    Total Revenue   $ 147,455     $ 55,705       164.7 %
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 446,095     $ 227,505       96.1 %
    Home and Renters     52,013       40,889       27.2 %
    Other     2,082       19,527       -89.3 %
    Total Revenue   $ 500,190     $ 287,921       73.7 %
                             
    Other financial and non-financial metrics:
        Three Months Ended
    December 31,
        Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 12,027     $ (6,762 )     -277.9 %
    Net income (loss)   $ 12,306     $ (6,348 )     -293.9 %
    Variable marketing dollars   $ 44,023     $ 20,668       113.0 %
    Adjusted EBITDA(1)   $ 18,916     $ (886 )   NM  
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 31,751     $ (51,975 )     -161.1 %
    Net income (loss)   $ 32,169     $ (51,287 )     -162.7 %
    Variable marketing dollars   $ 155,227     $ 100,282       54.8 %
    Adjusted EBITDA(1)   $ 58,215     $ 461     NM  
     
    (1 ) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
         

    To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

    The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; restructuring and other charges; acquisition-related costs; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

    The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

    The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

    The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
    EVERQUOTE, INC.
    RECONCILIATION OF NON-GAAP MEASURES TO GAAP
     
        Three Months Ended
    December 31,
        Year Ended December
    31,
     
        2024     2023     2024     2023  
        (in thousands)  
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Stock-based compensation     5,310       4,813       20,614       22,808  
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Restructuring and other charges           (21 )           23,568  
    Acquisition-related costs                       (150 )
    Interest income     (683 )     (382 )     (2,079 )     (1,251 )
    Income taxes     428       (23 )     1,839       577  
    Adjusted EBITDA   $ 18,916     $ (886 )   $ 58,215     $ 461  

    The MIL Network

  • MIL-OSI Economics: Moody’s Corporation to Present at the Raymond James Annual Institutional Investors Conference on March 3, 2025

    Source: Moody’s

    Headline: Moody’s Corporation to Present at the Raymond James Annual Institutional Investors Conference on March 3, 2025

    Moody’s Corporation to Present at the Raymond James Annual Institutional Investors Conference on March 3, 2025

    Moody’s Corporation (NYSE: MCO) announced today that Michael West, President of Moody’s Investors Service, will speak at the Raymond James Annual Institutional Investors Conference on Monday, March 3, 2025. The presentation will begin at approximately 8:05 a.m. Eastern Time and the audio will be webcast live. The audio webcast will be accessible at Moody’s Investor Relations website, ir.moodys.com.

    This event is conducted in compliance with Regulation FD. Senior management may use this content during subsequent meetings with analysts and investors.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics

  • MIL-OSI United Nations: Independent Audit Advisory Committee Holds Sixty-Ninth Session, 17-19 February

    Source: United Nations General Assembly and Security Council

    The Independent Audit Advisory Committee of the United Nations held its sixty-ninth session from 17 to 19 February at United Nations Headquarters in New York and was presided over by the Chair, Anton Kosyanenko.  All the other members of the Committee — namely, Suresh Sharma, Vice-Chair; Dorothy Bradley; and Jeanette Franzel — were in attendance.

    During the session, the Independent Audit Advisory Committee held meetings with:

    1. Fatoumata Ndiaye, Under-Secretary-General for the United Nations Internal Oversight Services (OIOS) and senior officers on:  (i) the final programme budget proposal under the support account for peacekeeping operations for the period 1 July 2025 to 30 June 2026; (ii) the main highlights of OIOS 2026 programme budget proposal, including risk coverage; (iii) impact of changes in peacekeeping operations on programme delivery of OIOS; and (iv) feedback on the ongoing external quality assessments.

    2. Chandramouli Ramanathan, Assistant Secretary-General, Controller, on:  (i) the support account for the peacekeeping budget of OIOS for 2025/26; (ii) highlights of the 2026 programme budget proposal; (iii) updates on the major decision and outcomes of the main part of the seventy-ninth session of the General Assembly; and (iv) risk management including the financial situation.

    3. Lisa Buttenheim, Assistant Secretary-General for the United Nations Department of Operational Support, on:  (i) Enterprise Risk Management, including the risk treatment plan for all the critical areas under the Department of Operational Support’s purview; and (ii) implementation of the recommendations of the oversight bodies.

    4. Karen Lock, Director, Department of Management, Strategy, Policy and Compliance — Business Transformation and Accountability Division, on:  (i) progress in implementing the recommendations of the UN Oversight Advisory Committee Network from 2023; (ii) the status of the implementation of recommendations contained in the most recent reports of oversight bodies; (iii) the status of the progress in embedding Enterprise Risk Management with other processes; and (iv) the main highlights in the Board of Auditors recent report A/79/5 Vol II.

    5. The Audit Operations Committee of the Board of Auditors on:  i) the salient issues the Board of Auditors found in the peacekeeping report A/79/5 Vol. II.; (ii) the Board’s view on the status of Enterprise Risk Management in the Organization, and emerging risks as it pertains to peacekeeping operations; (iii) the Board’s view on the status of implementation by management of the Board’s recommendation; and (iv) trends in the reporting of fraud and presumptive fraud.

    The seventieth session of the Independent Audit Advisory Committee is scheduled for 14-16 April in Addis Ababa.

    For further information on the work of the Independent Audit Advisory Committee, please see the Committee’s website at:  www.un.org/ga/iaac or contact the Committee’s Executive Secretary, Moses Bamuwamye, at e-mail:  bamuwamye@un.org; tel.:  +1 212 963 0788.

    MIL OSI United Nations News

  • MIL-OSI Canada: Agritech projects, training will strengthen B.C. agriculture

    Source: Government of Canada regional news

    Rahul Singh, director, B.C. Centre for Agritech Innovation –

    “BCCAI proudly supports B.C.’s agriculture and agrifood sectors by advancing agritech innovation and its adoption. The launch of 19 new projects and nine training programs underscores the strong demand for innovation and training among farmers, growers, and small and medium-sized businesses. With support from the government and industry partners, BCCAI is committed to meeting this need.”

    Dugan O’Neil, vice-president, research and innovation, Simon Fraser University –

    “Simon Fraser University is proud to support British Columbia’s leadership in agritech through BCCAI. By fostering a thriving, sustainable agritech ecosystem, we’re supporting local agri-producers, empowering small and medium-sized businesses, and delivering benefits to consumers, all while driving economic growth. We greatly appreciate the government’s support for innovation and the partnerships that are advancing B.C.’s agriculture and food sector.”

    Gavin Schneider, CEO and co-founder, Maia Farms –

    “Maia Farms provides a smarter, climate-conscious way to nourish people and the planet. Our team has developed a process that transforms agricultural side streams into sustainable, high-protein and versatile food ingredients through mushroom biomass fermentation. With the generous support of BCCAI, Maia Farms was able to open the foundation Fungal Intelligence Lab in Vancouver, creating 10 full time jobs and paving the way for a new fungal food economy.”

    Gaby Wickstrom, chief operating officer, ‘Na̲mg̲is Business Development Corporation –

    “The ‘Na̲mg̲is Hydroponic Greenhouse Initiative is a vital step toward food security and sustainability for the ‘Na̲mg̲is First Nation and surrounding region. With BCCAI’s support, we’re enhancing local food production and creating new economic opportunities by providing communities and businesses with fresh, locally grown food year round.”

    Michael Williamson, CEO and founder, Cascadia Seaweed –

    “Institutional partnerships and government funding give Canadian companies a competitive edge, but more support is needed to drive innovation at scale. We look forward to continuing our work with BCCAI and partner universities to validate that our B.C.-grown, ocean-cultivated kelp can help Canadian farmers increase yields and reduce emissions.”

    Chi Ta, CEO, C&T Mushroom Farm Ltd. –

    “We are excited to partner with BCCAI on our automated worm farm technology. This initiative transforms organic waste into high-quality fertilizer, promoting sustainability and creating a circular ecosystem for local agriculture. By reusing organic waste, we minimize environmental impact and enhance soil quality. We are proud to contribute to a more resilient and sustainable future for British Columbians.”

    Raj Jampala, manager operations, AgriForest Bio-Technologies Ltd. –

    “Food security and agricultural innovation are critical for B.C. and Canada. With BCCAI’s support, AgriForest Bio-Technologies is developing advanced vertical growing systems using tissue culture and photoautotrophic micropropagation to meet market demands for high-quality berry and winegrape planting stock. This project will enhance local food production, strengthen the economy, and position B.C. as a leader in sustainable agri-tech.”

    Rodrigo Santana, CEO, BeriTech Inc. –

    “During the off-season, British Columbians are dependent on lower quality imported berries that are subject to substantial price fluctuations, are mostly produced using unsustainable farming practices and rely on high-carbon transport from distant production regions. Our BCCAI-funded project will provide B.C. consumers with local, premium off-season berries and help local farmers to extend their season, better utilizing labour and infrastructure.”

    Annett Rozek, chief scientific officer, Catalera BioSolutions –

    “Catalera BioSolutions and Terramera are extremely grateful to be recipients of support from BCCAI in pursuit of innovative agricultural technologies that benefit B.C., Canada and beyond. Together with BCCAI, Catalera is helping to make safe and effective biocontrol solutions the first choice for the future of agriculture.”

    Ravi Cheema, chief executive officer, Fresh4Sunset Farms Ltd. –

    “The funding from BCCAI will help our farm incorporate advanced technologies, sustainable practices and data-driven strategies for breeding good bugs to fight pests. I am excited to share our data with other greenhouse growers, enabling new entrants to make informed decisions, optimizing treatment plans and reducing pesticide use. By fostering collaboration between universities and private companies, we will facilitate the sharing of knowledge and resources throughout B.C. and beyond.”

    Joachim Knauf, CEO/president, ChamberTrust Management International Inc. (CTMI) –

    “ChamberTrust Management International Inc. appreciates its partnership with BCCAI for the CeV project that is focused on controlled environment agriculture, artificial intelligence and intellectual property protection. This includes the additional sector knowledge and industry contacts BCCAI brought to the table. CTMI has years of background with international business associations and it was a pleasure and very fruitful to partner with BCCAI.”

    Sukh Kahlon, director, Kahlon farms –

    “It has been great working with BCCAI. They were a great support in helping with our project to reduce the planting to harvest timeline for early season field strawberry production.”

    Ajay Potluri, president and CEO, GreenSmart Technologies –

    “GreenSmart is proud to announce the successful demonstration of Liquidseal, a pioneering edible solution that extends the shelf life of cranberries produced in British Columbia. Facilitated by the BCCAI in collaboration with BCIT and Oceanspray Ltd., this partnership advances innovative agritech solutions that extend the shelf life of fresh produce, reduce food waste, provides locally grown high‑quality food and greater access to distant export market opportunities – strengthening food security for British Columbians.”

    Mohamed Imam, senior researcher, Perkins and Will Canada Architects Co. –

    “Through our partnership with BCCAI, we are creating new ways of integrating urban agriculture into the built environment. This will benefit British Columbians by supporting local food production systems that strengthen food security and reduce environmental impact. This collaboration reflects our firm’s commitment to leveraging innovation and evidence-based design to create resilient cities and achieve our clients’ sustainability goals.”

    Rick Cox, president, Ocion Water Sciences Inc. –

    “As a leader in reducing environmentally stressful chemicals for use in agriculture, we are excited and grateful for the support from BCCAI and UBC. As a leader in water treatment, Ocion embraced the opportunity to work with industry experts to reduce greenhouse gas emissions, and to improve productivity and efficiency in the agritech sector. With these projects, we hope to position Canada as a leader, raising the bar for what can be accomplished in collaborative funded projects.”

    Kevin Kung, CTO, Takachar Limited –

    “This support made possible a first-of-a-kind pilot in the Okanagan area, turning hazardous, wildfire-prone residues into agricultural amendments. By operating this alongside our local community partner, we pushed the technology to its limits and learned tremendous lessons along the way.”

    Sean O’Connor, CEO, 4AG Robotics –

    “We are super excited to be partnering with BCCAI on this  project. As an ecosystem, we can build global leading companies here in British Columbia, while helping increase the quality and quantity of fresh cultivated food in the province. We are excited to be one of the projects selected to harness AI and robotics to improve the profitability and stability of B.C.-based mushrooms businesses.”

    Gary Jones, program manager, Industry Development, BC Greenhouse Growers’ Association –

    “Funding from BCCAI helped our grower members explore techniques for reducing waste and improving workplace efficiencies as they continue to provide fresh, nutritious and local greenhouse vegetables for our expanding population. Training opportunities like Lean 101 are important for our industry professionals to keep developing their skills and empowering their workforce.”

    Renee Prasad, department head, agriculture department, University of the Fraser Valley – 

    “Biological control is an important tool in the sustainable production of fruits and vegetables. This funding from BCCAI helps the UFV agriculture department connect with growers and answer their pressing questions in implementing sustainable production practices.”

    Eric Gerbrandt, research director, BC Blueberry Council, and the Raspberry Industry Development Council, and BC Strawberry Grower’s Association –

    “The B.C. berry sector’s sustainability will rely on adoption of superior berry varieties, with improved yield, quality, pest resistance and local climatic adaptation being developed by the BC Berry Breeding Program. A recent BCCAI workshop trained our stakeholders in testing, commercializing and marketing novel plant genetics, paving the way to a brighter future with better blueberry, raspberry and strawberry varieties.”

    Shannon Wagner, vice-president, research, Thompson Rivers University –

    “Thompson Rivers University is proud to be a contributor to increasing B.C.’s agricultural innovation with the support of BCCAI funding. Sharing innovative precision ranching methods will help improve outcomes for B.C.’s ranching communities and strengthen regional food security.”

    Jerry DuBovis, president, Pacific Regional Society for Soil Science (PRSSS) –

    “Through our collaboration with BCCAI, we have expanded our capacity to teach soil science skills to early-career professionals in B.C. The skills imparted through our workshops and seminars will greatly bolster B.C.’s ability to sustainably manage soil, an important resource for many sectors.”

    Stefania Pizzirani, associate director, Food and Agriculture Institute, and associate professor, department of planning, geography, and environmental studies, University of the Fraser Valley –

    “Across B.C., the agritechnology sector is progressing at an exciting and rapid rate. Our recent BCCAI-funded project focuses on developing four micro-credentials in collaboration with the University of the Fraser Valley, Royal Roads and BCCAI. These micro-credentials will help build up the skills needed to meet the emerging and expanding employment needs of B.C.’s dynamic agritechnology sector.”

    Paul Adams, Sherman Jen research chair in applied genomics, director of Applied Genomics Centre, Kwantlen Polytechnic University (KPU) –

    “The molecular biology workshop for agriculture, presented in partnership with BCCAI and KPU’s Applied Genomics Centre, offers a unique opportunity for industry professionals, government personnel, and university students to gain hands-on experience with qPCR and DNA extraction. This workshop equips participants with the knowledge and skills to apply molecular tools to real-world agricultural challenges.”

    Fred Popowich, scientific director, SFU’s Big Data Hub and professor of computing science, Simon Fraser University (SFU) –

    “We are proud to have partnered with the B.C. Centre for Agritech Innovation. In November, our collaboration provided essential training, equipping agritech professionals with the knowledge and skills to leverage AI and data science tools and techniques effectively. This partnership highlights our commitment to fostering innovation and sustainability in the agricultural sector.”

    Jason Ho, academic director, undergraduate programs, Beedie school of business, SFU at SFU’s Big Data Hub –

    “Collaboration with BCCAI and QuantoTech exemplifies the innovative spirit we strive to instill in our students – blending cutting-edge technology with a decentralized business model to ensure urban food stability. Their work highlights the vital intersection of innovation, social responsibility and global perspective, the three pillars of our program.”

    Jacob Beaton, owner, Tea Creek Training –

    “Tea Creek Training supports Indigenous Peoples and communities to revitalize their food sovereignty systems while utilizing Indigenous technologies. Tea Creek provides introductory skills training for Indigenous participants to enter meaningful employment and apprenticeships. BCCAI’s support is allowing us to build the necessary capacity required to support our Indigenous Foodland Employment Apprenticeship Skills Training (I-FEAST) that is being delivered to Indigenous communities across B.C.”

    MIL OSI Canada News

  • MIL-OSI Video: RBNZ What’s happening with interest rates, inflation and the economy? – RBNZ Chief Economist Paul Conway

    Source: Reserve Bank of New Zealand (video statements)

    Hear from our Chief Economist Paul Conway in this video about
    •What’s happening with inflation both here in New Zealand and abroad (00:46)
    •Where the economy’s at and likely headed over 2025 (02:56)
    •Why the Official Cash Rate was cut by 0.5 percentage points and its possible future direction. (4:30)

    https://www.youtube.com/watch?v=VE2jUANrwT0

    MIL OSI Video

  • MIL-OSI USA: NASA Names Acting Associate Administrator, More Leadership Changes

    Source: NASA

    NASA acting Administrator Janet Petro announced Monday Vanessa Wyche will serve as the acting associate administrator for the agency at NASA Headquarters in Washington, effective immediately. Wyche, who had been the director of NASA’s Johnson Space Center in Houston, is detailed as Petro’s senior advisor leading the agency’s center directors and mission directorate associate administrators. She will act as the agency’s chief operating officer for about 18,000 civil servant employees and an annual budget of more than $25 billion. Stephen Koerner will become the acting center director of NASA Johnson.
    The agency also named Jackie Jester as associate administrator for the Office of Legislative and Intergovernmental Affairs and announced Catherine Koerner, associate administrator for the agency’s Exploration Systems Development Mission Directorate will retire effective Friday, Feb. 28. Lori Glaze, currently the deputy associate administrator for Exploration Systems Development will become the mission directorate’s acting associate administrator.
    “As we continue to advance our mission, it’s crucial that we have strong, experienced leaders in place,” Petro said. “Vanessa will bring exceptional leadership to NASA’s senior ranks, helping guide our workforce toward the opportunities that lie ahead, while Steve will continue to provide steadfast leadership at NASA Johnson. Jackie’s return to the agency will ensure we remain closely aligned with national priorities as we work with Congress. Cathy’s legacy is one of unwavering dedication to human spaceflight, and we are grateful for her years of service. Lori’s leadership will continue to build on that legacy as we push forward in our exploration efforts. These appointments reflect NASA’s unwavering commitment to excellence, and I have full confidence that each of these leaders will carry our vision forward with purpose, integrity, and a relentless drive to succeed.”
    Prior to her new role, Wyche was the director NASA Johnson – home to America’s astronaut corps, Mission Control Center, International Space Station, Orion and Gateway Programs, and its more than 11,000 civil service and contractor employees. Her responsibilities included a broad range of human spaceflight activities, including development and operation of human spacecraft, NASA astronaut selection and training, mission control, commercialization of low Earth orbit, and leading NASA Johnson in exploring the Moon and Mars.
    During her 35-year career, Wyche has served in several leadership roles, including Johnson’s deputy center director, director of Exploration Integration and Science Directorate, flight manager of several Space Shuttle Program missions, and executive officer in the Office of the Administrator. A native of South Carolina, Wyche earned a Bachelor of Science in Engineering and Master of Science in Bioengineering from Clemson University. 
    As deputy director of NASA Johnson, Stephen Koerner, oversaw strategic workforce planning, serves as the Designated Agency Safety Health Officer, and supported the Johnson center director in mission reviews. Before his appointment in July 2021, Koerner held various leadership roles at NASA Johnson, including director of the Flight Operations Directorate, associate director, chief financial officer, deputy director of flight operations, and deputy director of mission operations.
    In her new role as the associate administrator for the Office of Legislative and Intergovernmental Affairs, Jester will direct a staff responsible for managing and coordinating all communication with the U.S. Congress, as well as serve as a senior advisor to agency leaders on legislative matters.  
    Jester rejoins the agency after serving as the senior director for government affairs at Relativity Space’s Washington office where she led policy engagement for the company. Prior to her time with Relativity, she served as a policy advisor at NASA and at the White House Office of Science and Technology Policy. She has served as a professional staff member for the U.S. Senate Committee on Commerce, Science, and Transportation. She has spent time in state government as the Chief Legislative Aide to a member of the Massachusetts House of Representatives. Jester has significant experience advising on space policy issues, aviation operations and safety policy, and has helped develop numerous pieces of legislation.
    With a 34-year career at NASA, Catherine Koerner has been instrumental in leading NASA’s Exploration Systems Development Mission Directorate, overseeing the development of the agency’s deep space exploration approach. Previously, she was the deputy associate administrator for the mission directorate. Her extensive career at NASA includes roles such as the Orion program manager, director of the Human Health and Performance Directorate, former NASA flight director, several leadership positions within the International Space Station Program during its assembly phase and helping to foster a commercial space industry in low Earth orbit.
    Glaze has a distinguished background in planetary science, previously serving as the director of NASA’s Planetary Science Division before joining Explorations Systems Development. Prior to her tenure at NASA Headquarters in Washington, she was the chief of the Planetary Geology, Geophysics and Geochemistry Laboratory at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and the Deputy Director of Goddard’s Solar System Exploration Division. She has been a leading advocate for Venus exploration, serving as the principal investigator for the Deep Atmosphere Venus Investigation of Noble gases, Chemistry, and Imaging mission. Glaze earned her Bachelor of Arts and Master of Science degrees in Physics from the University of Texas at Arlington and a doctorate in Environmental Science from Lancaster University in the United Kingdom. Her prior experience includes roles at the Jet Propulsion Laboratory and at Proxemy Research as Vice President and Senior Research Scientist.
    For more about NASA’s missions, visit:

    Home Page

    -end-
    Amber Jacobson / Kathryn HambletonHeadquarters, Washington202-358-1600amber.c.jacobson@nasa.gov / kathryn.a.hambleton@nasa.gov

    MIL OSI USA News

  • MIL-OSI USA: FEMA Tips to Get Ready for Severe Weather

    Source: US Federal Emergency Management Agency

    Headline: FEMA Tips to Get Ready for Severe Weather

    FEMA Tips to Get Ready for Severe Weather

    Winter and early spring storms can bring snow, tornadoes, hail, lightning and flooding. FEMA encourages Tennesseans to keep cell phones on and fully charged with the volume turned up and severe weather alerts enabled. Follow directions from your local and state officials.If you are planning to travel by car, check your local weather and traffic reports before heading out. Tell others your route and anticipated arrival time. If your roads are not in good shape, consider postponing non-essential travel until the roads are cleared. When driving in wet conditions, snow or ice, increase your following distance to 5-to-6 seconds, and watch for icy conditions on bridges and overpasses. It takes longer to slow down on icy roads. Make sure you have your auto insurance provider and towing company numbers close at hand.Power outages can impact communications, transportation, utilities and much more. If experiencing an outage, keep freezers and refrigerators closed. Disconnect appliances and electronics to avoid damage from electrical surges. Prevent house heating fires by keeping anything that can burn at least 3 feet away from all heat sources including fireplaces, wood stoves, radiators, portable heaters and candles. Always plug a space heater directly into an outlet and make sure its cord isn’t damaged. Never use generators indoors. Never use a gas stove or oven to heat your home. Doing so can put you at risk for carbon monoxide poisoning. If your area is under a thunderstorm warning, go inside. Listen for alerts or warnings, unplug appliances and do not use landline phones. Watch for flash flooding and be sure to look out for downed power poles and lines after the storm is over.Visit Ready.gov for more severe weather tips and resources.
    kwei.nwaogu
    Mon, 02/24/2025 – 16:27

    MIL OSI USA News

  • MIL-OSI USA: FDA 101: How to Use the Consumer Complaint System and MedWatch

    Source: US Food and Drug Administration

    Español

    If you have a complaint about a product regulated by the U.S. Food and Drug Administration (FDA), the agency wants to hear about it.

    The FDA offers a number of ways to report a complaint. Two of the main reporting systems available to consumers are the Consumer Complaint Reporting system and MedWatch.

    1. Consumer Complaint Reporting

    As a part of FDA modernization efforts for field operations, all of our Centers now directly receive reports of problems or adverse reactions with FDA-regulated products. Please direct concerns to the appropriate FDA center by visiting our SmartHub webpage, which will guide you to the appropriate webform or phone number.

    If you are not able to use the SmartHub, you may also call 1-888-INFO-FDA and follow the prompts to report a problem. If you require the use of a Relay Service, please call the Federal Relay Services at 800-877-8339. This is a toll-free relay service to call federal agencies from TTY devices.

    NOTE: The ORA consumer complaint coordinator telephone numbers previously available on this page are no longer in use.

    Some examples of complaints that the FDA wants to hear about are:

    • food-related illnesses, especially when a specific food is suspected
    • allergic reactions when a person has a known allergy to a food ingredient not identified on the product label
    • problems related to infant formula
    • problems related to baby food
    • swollen or leaking canned goods
    • suspected product tampering
    • adverse events after taking dietary supplements
    • problems related to prescription or over-the-counter medications
    • problems related to pet food and treats

    Reporting Problems Can Spur Action

    The FDA takes seriously reports of illnesses or injury that appear likely to have been caused by an FDA-regulated product. As few as one or two complaints can make a difference. Depending on the seriousness of the problem, an FDA investigator may visit the person who made the complaint, collect product samples, and initiate inspections.
    Complaints of a less serious nature, or those that appear to be isolated incidents, are monitored and the information may be used during a future inspection of a company to help the FDA identify problem areas in a production plant. The complaints are also discussed with company management during these inspections.

    2. MedWatch Reporting

    MedWatch receives reports from the public and, when appropriate, publishes safety alerts for FDA-regulated products such as:

    • prescription and over-the-counter drugs
    • biologics, such as blood components, blood/plasma derivatives, and gene therapies
    • medical devices, such as hearing aids, breast pumps, and pacemakers
    • combination products, such as pre-filled drug syringes
    • special nutritional products, such as medical foods, and infant formulas
    • cosmetics, such as moisturizers, makeup, shampoos, hair dyes, and tattoos
    • food, such as beverages, and ingredients added to foods

    Other products that the FDA regulates, such as tobacco products, vaccines, animal drugs and devices, and pet food and livestock food, utilize different reporting pathways, and it is recommended that reports concerning these products be submitted directly to the appropriate portals. Adverse events associated with dietary supplements should be reported via the online Safety Reporting Portal.

    When the FDA approves a drug, the agency has determined that the benefits of the product outweigh the risks, but every product that the FDA approves carries some risk. Sometimes there are risks that come to light only after a medical product gets on the market and is used in a larger number of patients, for a longer period of time, and in patients whose health characteristics are different from those of the patients studied before approval.

    Because unanticipated adverse events may occur after a product is on the market, the FDA encourages people to report problems they think they’ve experienced from a product the FDA regulates.

    Every MedWatch report is important and is recorded in an FDA database for review and comparison to similar previous reports. When added together, reports can signal a safety problem and lead to an FDA action to protect the public. Remember, reporting can help you, a family member, or someone else avoid harm, serious illness, or even death.

    How to Report to MedWatch

    Reporting to MedWatch is easy, confidential, and secure. You provide information about your experience on a MedWatch form. The FDA encourages you to have your health care professional either complete the form for you or help you complete the form yourself.

    “Health care professionals may have other clinical information, such as test results or a medication profile, that will help us evaluate the report,” says CAPT Beth Fritsch, Senior Advisor for Stakeholder Engagement.

    Reporting by health care professionals is voluntary. If they choose not to report, or if you’d rather file the report yourself, you may use one of these methods:

    • Online: Use the interactive form at FDA Form 3500. FDA encourages online reporting because it is the quickest and most direct route.
    • Fax: Get the form (as above) and fax to 1-800-FDA-0178.
    • Phone: Call 1-800-FDA-1088 Monday-Friday between 8 a.m. and 4:30 p.m. EST.

    If you or your health care professional do not want to complete a MedWatch report, you may report a problem with a health care product to your CCC. The FDA realizes there are instances when consumers want to explain their problem and have the agency record the complaint. This allows the FDA to ask questions and obtain important information that we might not get if the consumer only filled out a MedWatch report.

    CCC’s and MedWatch are for reporting problems; neither provides medical advice. If you experience an adverse event, you should contact your health care professional first and then report the problem to FDA.

    What Happens After a Report Is Made to MedWatch?

    FDA staff enter the report into a database so that it is available for review and comparison to other reports.

    • An FDA safety evaluator, often a pharmacist, doctor, or nurse, reviews the report and examines the database for similar reports.
    • The FDA monitors the data for trends and conducts an investigation, if appropriate.
    • The FDA takes necessary action to protect public health.

    FDA actions may include:

    • issuing safety alerts with recommendations to monitor a product’s use, adjust the way it is used, or stop using it
    • updating the product labeling to reflect new warnings
    • inspecting the manufacturer
    • requiring a product to have a Medication Guide—a consumer-friendly instruction sheet provided to patients each time they fill a prescription to help them use the drug safely
    • requesting a change in the product’s design, manufacturing process, packaging, or distribution
    • requesting a company to recall a product
    • requiring a manufacturer to conduct further studies to demonstrate the product’s safety prior to allowing the product back on the market

    3. Safety Reporting Portal

    The Safety Reporting Portal is another reporting tool. It is the primary way for people to report problems with any tobacco product, human dietary supplements, pet food or pet treats, and livestock food—all of which are regulated by the FDA.

    The portal also has a routing page. If you have concerns about a product and are not sure where to go to report it, the routing page will direct you to the appropriate federal resource.

    MIL OSI USA News

  • MIL-OSI Security: Owner of Charleroi Staffing Agency Pleads Guilty to Harboring Illegal Aliens for Financial Gain and Failing to Pay More Than $3 Million in Employment Taxes

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of Belle Vernon, Pennsylvania, pleaded guilty in federal court to charges of harboring illegal aliens for financial gain and failing to pay employment taxes, Acting United States Attorney Troy Rivetti announced today.

    Andy Ha, 28, pleaded guilty to two counts before United States District Judge Cathy Bissoon. Ha was charged by a two-count Information filed with the Court on January 28, 2025.

    In connection with the guilty plea, the Court was advised that, from September 2022 to April 2024, Ha owned a temporary staffing agency called Prosperity Services, Inc., that provided workers to companies in the Charleroi, Pennsylvania, area. As part of his business, Ha paid for more than 25 workers who were not legally authorized to be in the United States to stay in a former hotel, and his business paid for vans to transport those workers to and from their work. In addition, Ha provided Prosperity’s tax return preparer with spreadsheets listing only workers who were legally authorized to be and work in the United States. That information, in turn, was reflected on the company’s quarterly employment tax returns, representing less than 10% of the actual total number of workers employed by Prosperity. Ha then also signed those returns, knowing them to be false and causing a tax loss of at least $3.1 million.

    “The defendant broke the law by harboring and employing individuals not authorized to be in the United States,” said Acting United States Attorney Rivetti. “In addition, defendant Ha cost the U.S. government millions of dollars through his failure to pay taxes related to his business. Our office and our law enforcement partners at all levels will continue to ensure that those who seek to profit from the employment of such workers, and who fail to pay taxes, face appropriate consequences under the law.”

    “Business owners have a responsibility to file accurate quarterly employment tax returns and to timely remit withholding taxes for their employees to the Internal Revenue Service,” said Special Agent in Charge Yury Kruty, IRS-Criminal Investigation, Philadelphia Field Office. “The failure to do so is a serious offense.”

    “This investigation highlights the commitment of HSI Pittsburgh to protecting our communities from those who seek to exploit undocumented workers for their personal gain,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “Andy Ha and his business sought to profit off of the immigrant community. I commend the dedicated prosecutors in the U.S. Attorney’s Office for the Western District of Pennsylvania and our partners at the Internal Revenue Service-Criminal Investigation division and Pennsylvania State Police. Together, we will continue to work to ensure that such illegal activities are met with the full force of the law.”

    Judge Bissoon scheduled sentencing for July 22, 2025. The law provides for a total maximum sentence of up to five years in prison, a fine of up to $250,000 or twice the gain from the offense, or both on the tax charge and up to 10 years in prison, a fine of up to $250,000 or twice the gain from the offense, or both on the harboring charge. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

    Assistant United States Attorney William B. Guappone is prosecuting this case on behalf of the government.

    The Internal Revenue Service-Criminal Investigation, Homeland Security Investigations, and Pennsylvania State Police conducted the investigation that led to the prosecution of Ha.

    MIL Security OSI

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.02.2025

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 24.02.2025

    Espoo, Finland – On 24 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,317,492 4.75
    CEUX
    BATE
    AQEU
    TQEX
    Total 1,317,492 4.75

    * Rounded to two decimals

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

    Total cost of transactions executed on 24 February 2025 was EUR 6,260,063. After the disclosed transactions, Nokia Corporation holds 257,147,700 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network

  • MIL-OSI: CORRECTION — Intchains Group Limited to Report Unaudited Fourth Quarter and Full Year 2024 Financial Results on Thursday, February 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Feb. 24, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a provider of integrated solutions consisting of efficient mining products for altcoins, and on acquiring and holding ETH-based cryptocurrencies as its long-term asset reserve to support its Web3 industry development initiatives including actively developing Web3-based applications, today announced it will release its unaudited financial results for the fourth quarter and full year of 2024 ended December 31, 2024.

    Conference Call Information

    The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on February 27, 2025 (9:00 AM Beijing Time on February 28, 2025). Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

    Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/.

    About Intchains Group Limited

    Intchains Group Limited is an innovative altcoins development company that primarily focuses on providing integrated solutions consisting of mining products for altcoins, and on acquiring and holding ETH-based cryptocurrencies as its long-term asset reserve to support its Web3 industry development initiatives including actively developing Web3-based applications. For more information, please visit the Company’s website at: https://intchains.com/.

    For investor and media inquiries, please contact:

    Intchains Group Limited

    Investor relations
    Email: ir@intchains.com

    Redhill

    Belinda Chan
    Tel: +852-9379-3045
    Email: belinda.chan@creativegp.com

    The MIL Network

  • MIL-OSI Africa: Global Firms Join Congo Energy & Investment Forum (CEIF) 2025 as Congo Boosts Fiscal Terms

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of the Congo, February 24, 2025/APO Group/ —

    With the Republic of Congo preparing to launch a new Gas Code and Gas Master Plan to incentivize investment across the natural gas value chain, the participation of investment companies in the country’s energy sector will be a requisite for international companies seeking to navigate complex government and corporate deals.

    The inaugural Congo Energy & Investment Forum (CEIF) 2025, taking place in Brazzaville from March 24-26, will feature the participation of some of the top energy investment firms operating on the continent. Speakers at this year’s event will include Abdullahi Bashir, Group Managing Director, AA&R Investment; Adou Toure, Investment Advisor to the U.S. Development Finance Corporation (DFC); as well as Didier Rault, CEO, World Mining Investment.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    Congo’s regulatory landscape and industry outlook is incentivizing new players to join the market. The country aims to attract fresh investment across the growing oil and gas value chain, with the fiscal and regulatory environment having become increasingly more transparent, making it simpler for companies to invest. As such, the participation of AA&R Investment at this year’s CEIF 2025 is set to showcase the significant role a structured investment environment can play in ensuring a timely and efficient entry for new companies to the country’s energy market.

    Congo’s Gas Master Plan aims to advance the country’s gas monetization agenda by catalyzing new infrastructure development, including gas pipelines, processing facilities and gas-to-power plants. The plan also seeks to reduce energy imports and raise electricity access, currently at 50%. With its significant resource base, forward-looking approach to policy implementation and commitment to low-carbon oil and gas, Congo has emerged as a highly attractive investment market. With experience across a wide range of regions and industries, World Mining Investment is well-positioned to leverage its expertise in government and corporate deals to showcase how existing operators and service providers can strengthen their footprint in Congo at CEIF 2025.

    With aims to increase financing and guarantees to help unlock private sector investment in Congo’s energy sector, the U.S. DFC’s participation at CEIF 2025 is expected to benefit small businesses and financial service companies seeking to improve supply chains, infrastructure and development in the country. The institution has a rich portfolio of projects across Africa, including the trans-national Lobito Atlantic Railway, which contribute to mobilizing private sector investment and expand access to structured financing mechanisms.

    “The participation of investment firms such as AA&R Investment, the U.S. DFC and World Mining Investment at CEIF 2025 is crucial for shaping the future of Congo’s energy sector. Their involvement highlights the growing international confidence in the country’s evolving regulatory framework and abundant natural resources. By bringing together key players in the global energy and infrastructure sectors, the conference is well-positioned to foster collaboration, unlock new investment opportunities and drive sustainable growth in Congo’s energy market,” states Energy Capital & Power Events and Project Director Sandra Jeque.

    MIL OSI Africa

  • MIL-OSI Europe: EIB Global channelled €693 million to the countries of the Western Balkans in 2024

    Source: European Investment Bank

    • EIB Global invested €527 million in loans for new projects, mobilising nearly €3.1 billion in new investment, supported by €166 million in grants
    • New projects will accelerate the green transition and promote the competitiveness of economies.
    • The Bank continued its support for energy efficiency and renewable energy projects, reaching a record €213 million in signed agreements in 2024

    In 2024, the European Investment Bank Group (EIB Global) financing for new projects reached €693 million in loans and grants for the countries of the Western Balkans for energy security, sustainable transport, climate action, digital and human capital development. Out of these funds, €527 million have been signed in loans, €164 million in EU grants under the Western Balkans Investment Framework (WBIF) and €2 million in grants under the EIB’s Economic Resilience Initiative. The largest share of new signatures was allocated to sustainable transport (43%), clean energy projects (31%, a record) and the private sector (20%).

    “We are fully committed to supporting all countries in the region on their path to EU integration” remarked EIB Vice-President Robert de Groot. “Achieving higher convergence requires significant reforms and investments, which is why combined financial and technical support under the Team Europe umbrella provides a coherent, continuous and extensive support. The latest Growth Plan exemplifies initiatives that can accelerate market integration, economic growth, and EU accession ambitions.”

    Supporting energy projects

    In the energy sector, the Bank provided €213 million in loans for projects such as the rehabilitation of several large hydropower plants and the installation of advanced electricity meters in Serbia, as well as the construction of one of the largest solar photovoltaic plant near Pristina in Kosovo. The plant will address the energy needs of over 29 000 households and cut 174 000 tonnes of carbon dioxide emissions annually.

    “As the EU Climate Bank, we have intensified our efforts to promote a green transition in each and every country and are steadfast in our commitment to support the decarbonisation of regional economies to ensure energy security and reduce environmental pollution,” said Vice-President De Groot.

    The bank also made available  the Greening Financial Systems (GFS) advisory programme in North Macedonia and Albania to enhance national and local banks’ climate risk management practices and stimulate green investments among companies. Several EIB-financed projects benefited from technical assistance under the WBIF and the Joint Assistance to Support Projects in European Regions (JASPERS) advisory program. Since the signing of its third mandate in autumn 2023, JASPERS experts have been working on 32 advisory assignments across the Western Balkans, covering transport, water, energy, urban, and digital sectors.

    Advancing sustainable connectivity

    In 2024, EIB Global continued to support the transport sector with €295 million in new financing, for projects such as the rehabilitation of railway sections in Albania and Montenegro. These infrastructure improvements along the extended Trans-European Transport Network (TEN-T) will increase railway capacity, efficiency, and safety, promoting a shift from road to sustainable mobility and generally improve regional connectivity. The bank signed a €79 million EU grant for the construction of the section on the Corridor Vc in Bosnia and Herzegovina.

    Driving job creation and climate action among regional companies

    The bank invested €151 million to support the expansion of, and investments in innovation and clean energy projects among local companies, creating employment and economic growth in the region. Thanks to the first impact-based credit line, small businesses in the region have created new jobs, training and career development opportunities for people from vulnerable groups. In addition, under the EU’s “WB EDIF Guarantee Facility for SME Resilience”, the European Investment Fund, part of the EIB Group, provided guarantees to local banks, which are expected to unlock over €750 million worth of loans to some 13 000 small businesses, sustaining around 180 000 jobs.

    Background information

    About the EIB

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.  

    The EIB is one of the leading international financiers in the Western Balkans. For detailed information on the EIB’s activities in this region, visit www.eib.org/en/publications/the-eib-in-the-western-balkans.

    About the EIF

    The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized businesses by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Commission’s opinion on the clear abuses of the judiciary for settling political scores with the current opposition in Slovenia – P-000655/2025

    Source: European Parliament

    Priority question for written answer  P-000655/2025/rev.1
    to the Commission
    Rule 144
    Branko Grims (PPE)

    Again and again we have seen obviously politically motivated proceedings being launched against Janez Janša in the run-up to elections. Then after the elections the proceedings are halted, only to be revived when the next elections are approaching. This has been going on for two decades, so it is obvious that this abuse is politically motivated.

    In the Kafkaesque Patria case, which went on for a decade, Janez Janša was tried for having ‘somewhere’, ‘at some time’ made an ‘unknown promise’ and on the basis of that absurd construct was imprisoned ahead of an election. After the election, Slovenia’s Constitutional Court quashed the ruling.

    Now he is on trial in what is referred to as the ‘Trenta’ case. Some thirty years ago, Mr Janša bought a plot with a house in the Trenta valley. It was in the national park, where new building is not permitted. But replacement construction is permitted so these properties change hands at higher prices. In 2005 he sold the property for a higher price. The prosecution argues that the acquisition of the property by the management of a private company was ‘financially detrimental’, even though many properties in tourist areas and in Ljubljana were bought and sold for a substantially bigger price difference in a comparable period.

    What is the Commission’s opinion on this clear abuse of the judiciary to politically discredit the opposition in Slovenia?

    Submitted: 12.2.2025

    Last updated: 24 February 2025

    MIL OSI Europe News

  • MIL-OSI United Nations: Human Rights Council Opens Fifty-Eighth Regular Session and Holds Minute of Silence for Victims of Human Rights Violations

    Source: United Nations – Geneva

    The Human Rights Council this morning opened its fifty-eighth regular session, hearing statements from the President of the General Assembly, the United Nations Secretary-General, the United Nations High Commissioner for Human Rights, and the Head of the Federal Department of Foreign Affairs of Switzerland.  The President of the Council called for a minute of silence for victims of human rights violations around the world. 

    Jürg Lauber, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open, saying they were gathered at a time of profound global challenges and an alarming backlash against human rights around the world.  The Council’s responsibility was to make a tangible impact on people’s lives.  Victims of human rights violations needed to be at the centre of discussions.  The international community needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development. 

    Philemon Yang, President of the General Assembly, said the three pillars of the United Nations were deeply interwoven.  Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development.  The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law.  The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of the Congo were intolerable; these injustices must end.  Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly. 

    António Guterres, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter.  Human rights were the oxygen of humanity.  But one by one, human rights were being suffocated: by autocrats; by a patriarchy that kept girls out of school, and women from basic rights; by wars and violence; by warmongers who disregarded international law and the United Nations Charter; by the climate crisis; by a morally bankrupt global financial system; by runaway technologies like artificial intelligence; by growing intolerance against entire groups; and by voices of division and anger.  This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights. 

    Volker Türk, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain.  Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions.  It also observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world.  Mr. Türk said upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity. 

    Ignazio Cassis, Head of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings.  He was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council.  However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism; a large portion of the global population lived under authoritarian rule. In this context, the Council had a duty to act. 

    The webcast of the Human Rights Council meetings can be found here.  All meeting summaries can be found here.  Documents and reports related to the Human Rights Council’s fifty-eighth regular session can be found here.

    The fifty-eighth session of the Council is being held from 24 February to 4 April.  At 10 a.m., the Council started its high-level segment.

    Opening Remarks by the President of the Council

    JÜRG LAUBER, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open.  They were gathered at a time of profound global challenges and an alarming backlash against human rights around the world.  All needed to reflect on whether they were doing enough to protect the most vulnerable.  When human rights weakened, conflicts escalated, and societies fractured. Today, they were seeing this play out in real time with the escalation of violations and the shrinking of human rights protections.  This required an urgent response.  The Council’s responsibility was to make a tangible impact on people’s lives. Victims of human rights violations needed to be at the centre of discussions.  Their dignity needed to be everyone’s priority, Mr. Lauber said.

    Mr. Lauber said all needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development. They needed to engage in earnest discussions and ensure that their words translated into actions, he concluded.

    At the request of the President, the Council held a minute’s silence in memory of victims of human rights violations around the world.

    Statements by Keynote Speakers

    PHILEMON YANG, President of the General Assembly, congratulated the President of the Council and the Bureau on their election. The three pillars of the United Nations were deeply interwoven.  Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development.  The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law.  Those violations had devastating consequences: more than 300 million people now required humanitarian assistance.  In every conflict, the victims were often women, children and minorities who bore the heaviest burden.  The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of Congo were intolerable; these injustices must end.  Even war had rules.  Civilians must never be targets. 

    The recent special session and the establishment of an independent fact-finding mission to investigate and document violations in the eastern Democratic Republic of the Congo were good symbols.  The Council had demonstrated its availability to act swiftly and uphold accountability.  The recent ceasefire and hostage release deal in Gaza offered a glimmer of hope.  Just and lasting peace in the Middle East depended on the two State solution, which would allow Israel and Palestine to exist in peace and stability.  Dialogue was a powerful weapon which needed to be used for peace everywhere.  With the eightieth anniversary of the United Nations approaching, calls for global peace needed to be more resolute, harnessing the powerful symbolism of this milestone year.

    Last September, world leaders unanimously adopted the Pact for the Future, along with the Global Digital Compact and the Declaration for Future Generations.  The Pact charted a course toward a more just, equitable, and sustainable world, and reaffirmed international law, including the Charter of the United Nations, the Universal Declaration of Human Rights and international humanitarian law.  The challenge now was implementation which required full global mobilisation, with robust engagement from governments, United Nations agencies, and civil society.   Organizations in Geneva would play a critical role in this process.

    Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly.  Last month, he convened a signature event on preserving dignity in armed conflict.  He was encouraged by the strong political will of Member States to uphold and reinforce their commitment to international humanitarian law.  Advocacy would be continued to eliminate child labour in all forms, including in armed conflict, and a discussion on child labour would be held in this regard. 

    Additionally, in the coming months, a high-level meeting would be convened to consider the recommendations of the working group on aging, to ensure older persons had full enjoyment of their human rights.  The spirit that guided the decision of Member States last December to declare a second International Decade for People of African Descent would be upheld.  Mr. Yang said he would convene the annual commemorative meetings for the International Day for the Elimination of Racial Discrimination and the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.

    Mr. Yang said he had joined the gender champions network, pledging to promote gender equality and empowerment and implementing a gender perspective throughout the work of the General Assembly.  He had re-established the Advisory Board on Gender Equality to focus on women’s economic empowerment and was happy that the Human Rights Council had followed this good practice.  Additionally, co-facilitators had been appointed to lead consultations in preparation for a high-level meeting, which would commemorate the thirtieth anniversary of the Fourth World Conference on Women and the landmark Beijing Declaration and Platform for Action—Beijing+30.

    This year marked the thirtieth anniversary of the World Programme for Youth, underscoring the critical role of young people in driving sustainable development.  A discussion would be held in May on how digitalisation could enhance the Sustainable Development Goals.  Throughout these engagements, Mr. Yang said he would outline the importance of civil society’s work in enhancing human rights.  The annual high-level debate on crime prevention would be held, which would mark the ten-year anniversary of the Nelson Mandela Rules.  This year, the Nelson Mandela prize would also be awarded to two individuals who had dedicated their lives to serving humanity.  States and relevant stakeholders were invited to submit their nominations this month. 

    These topics aimed to promote human rights and preserve human dignity for all everywhere.  Strengthening cooperation between the General Assembly and the Human Rights Council had never been more urgent.  The shared goal of the two mechanisms was upholding human rights and dignity, for everyone, everywhere. 

    ANTÓNIO GUTERRES, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter.  More than 12,600 civilians had been killed, with many more injured.  Entire communities had been reduced to rubble, hospitals and schools destroyed.  All needed to spare no effort to bring an end to this conflict and achieve a just and lasting peace in line with the United Nations Charter, international law and General Assembly resolutions.  Conflicts like the war in Ukraine exacted a heavy toll on people; on fundamental principles like territorial integrity, sovereignty and the rule of law; and on the vital business of this Council.  Without respect for human rights — civil, cultural, economic, political and social — sustainable peace was a pipedream.

    Like the Council, human rights shone a light in the darkest places. Through its work, and the work of the High Commissioner’s Office around the world, the Council was supporting brave human rights defenders risking persecution, detention and even death.  It was working with governments, civil society and others to strengthen action on human rights.  And it was supporting investigations and accountability.  Five years ago, the United Nations launched its Call to Action for Human Rights, embedding human rights across the work of the United Nations around the world in close cooperation with partners.  Mr. Guterres said he would continue supporting this important work, and the High Commissioner’s Office, as the United Nations fought for human rights everywhere.

    Mr. Guterres said that human rights were the oxygen of humanity.  But one by one, human rights were being suffocated — by autocrats, crushing opposition because they feared what a truly empowered people would do; by a patriarchy that kept girls out of school, and women at arm’s length from basic rights; by wars and violence that stripped populations of their right to food, water and education; and by warmongers who thumbed their nose at international law, international humanitarian law and the United Nations Charter.

    Human rights were being suffocated by the climate crisis; by a morally bankrupt global financial system that too often obstructed the path to greater equality and sustainable development; by runaway technologies like artificial intelligence that held great promise, but also the ability to violate human rights at the touch of a button; by growing intolerance against entire groups — from indigenous peoples, to migrants and refugees, to the lesbian, gay, bisexual, transgender, queer and intersex plus community, to persons with disabilities; and by voices of division and anger who viewed human rights not as a boon to humanity, but as a barrier to the power, profit and control they sought.  In short, human rights were on the ropes and being pummelled hard.  This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights.

    But as the recently adopted Pact for the Future reminded all, human rights were, in fact, a source of solutions.  The Pact provided a playbook on how the world could win the fight for human rights on several fronts.

    First, human rights through peace and peace through human rights. Conflicts inflicted human rights violations on a massive scale.  In the Occupied Palestinian Territory, violations of human rights had skyrocketed since the horrific Hamas attacks of October 7 and the intolerable levels of death and destruction in Gaza.  Mr. Guterres expressed grave concern about the rising violence in the occupied West Bank by Israeli settlers and other violations, as well as calls for annexation. The world was witnessing a precarious ceasefire.  The world needed to avoid at all costs a resumption of hostilities.  The people in Gaza had already suffered too much.  It was time for a permanent ceasefire, the dignified release of all remaining hostages, irreversible progress towards a two-State solution, an end to the occupation, and the establishment of an independent Palestinian State, with Gaza as an integral part.

    In Sudan, bloodshed, displacement and famine were engulfing the country. The warring parties needed to take immediate action to protect civilians, uphold human rights, cease hostilities and forge peace.  Domestic and international human rights monitoring and investigation mechanisms needed to be permitted to document what was happening on the ground.

    In the Democratic Republic of the Congo, the world was seeing a deadly whirlwind of violence and horrifying human rights abuses, amplified by the recent M23 offensive, supported by the Rwandan Defence Forces.  As more cities fell, the risk of a regional war rose.  It was time to silence the guns, time for diplomacy and dialogue.  The recent joint summit in Tanzania offered a way forward with a renewed call for an immediate ceasefire.  The sovereignty and territorial integrity of the Democratic Republic of the Congo needed to be respected.  The Congolese people deserved peace.

    Mr. Guterres called for a renewed regional dialogue in the Sahel to protect citizens from terrorism and systemic violations of human rights, and to create the conditions for sustainable development.

    In Myanmar, the situation had grown far worse in the four years since the military seized power and arbitrarily detained members of the democratically elected government.  The world needed greater cooperation to bring an end to the hostilities and forge a path towards an inclusive democratic transition and a return to civilian rule, allowing for the safe return of the Rohingya refugees.

    In Haiti, the world was seeing massive human rights violations, including more than a million people displaced, and children facing a horrific increase in sexual violence and recruitment into gangs.  Mr. Guterres said that in the coming days, he would put forward proposals to the United Nations Security Council for greater stability and security for the people of Haiti, namely through an effective United Nations assistance mechanism to support the Multilateral Security Support Mission, the national police and Haitian authorities.  A durable solution required a political process led and owned by the Haitian people that restored democratic institutions through elections. 

    The Pact for the Future called for peace processes and approaches rooted in the Universal Declaration of Human Rights, international law and the United Nations Charter.  It proposed specific actions to prioritise conflict prevention, mediation, resolution and peacebuilding.  It also included a commitment to tackle the root causes of conflict, which were so often enmeshed in denials of basic human needs and rights.

    Second, the Pact for the Future advanced human rights through development. The Sustainable Development Goals and human rights were fundamentally intertwined.  They represented real human needs: health, food, water, education, decent work and social protection.  With less than one-fifth of the Goals on track, the Pact called for a massive acceleration through a Sustainable Development Goal Stimulus, reforming the global financial architecture, and taking meaningful action for countries drowning in debt.  This needed to include focused action to conquer the most widespread human rights abuse in history: inequality for women and girls.  The Pact called for investing in battling all forms of discrimination and violence against women and girls, and ensuring their meaningful participation and leadership across all walks of life.

    Along with the Declaration on Future Generations, the Pact also called for supporting the rights and futures of young people through decent work, removing barriers for youth participation, and enhancing training.  The Global Digital Compact called on nations to champion young innovators, nurture entrepreneurial spirit, and equip the next generation with digital literacy and skills.

    Third, the Pact for the Future recognised that the rule of law and human rights went hand-in-hand.  The rule of law, when founded on human rights, was an essential pillar of protection. It shielded the most vulnerable. It was the first line of defence against crime and corruption.  It supported fair, just and inclusive economies and societies.  It held perpetrators of human rights atrocities to account.  It enabled civic space for people to make their voices heard, and for journalists to carry out their essential work, free from interference or threats.  It also reaffirmed the world’s commitment to equal access to justice, good governance, and transparent and accountable institutions.

    Fourth, the world needed to achieve human rights through climate action. Last year was the hottest on record, capping the hottest decade on record.  Rising heat, melting glaciers and hotter oceans were a recipe for disaster. Floods, droughts, deadly storms, hunger, mass displacement — the war on nature was also a war on human rights.  The world needed to choose a different path. Mr. Guterres said he saluted the many Member States who legally recognised the right to a healthy environment, and he called on all countries to do the same. 

    Governments needed to keep their promise to produce new, economy-wide national climate action plans this year, well ahead of the thirtieth Conference of the Parties in Brazil.  Those plans needed to limit the rise in global temperature to 1.5 degrees, including by accelerating the global energy transition.  The world also needed a surge in finance for climate action in developing countries, to adapt to global heating, slash emissions and accelerate the renewables revolution, which represented a massive economic opportunity. They needed to stand up to the misleading campaign of many in the fossil fuel industry and its enablers, who were aiding and abetting this madness, while also protecting and defending those on the front lines of climate justice.

    Fifth, the Pact promoted human rights through stronger, better governance of technology.  Mr. Guterres expressed deep concern about human rights being undermined as fast-moving technologies expanded into every aspect of everyone’s lives.  At its best, social media was a meeting ground for people to exchange ideas and spark respectful debate.  But it could also be an arena of fiery combat and blatant ignorance; a place where the poisons of misinformation, disinformation, racism, misogyny and hate speech were not only tolerated, but often encouraged.  Verbal violence online could easily spill into physical violence in real life.  Recent rollbacks on fact-checking and content moderation online were re-opening the floodgates to more hate, more threats, and more violence.  These rollbacks would lead to less free speech, not more, as people became increasingly fearful to engage on these platforms.  Meanwhile, the great promise of artificial intelligence was matched by limitless peril to undermine human autonomy, human identity, human control and human rights.

    In the face of these threats, the Global Digital Compact brought the world together to ensure that human rights were not sacrificed on the altar of technology. This included working with digital companies and policymakers to extend human rights to every corner of cyberspace, including a new focus on information integrity across digital platforms. Mr. Guterres said the Global Principles for Information Integrity that he launched last year would support and inform this work as all pushed for a more humane information ecosystem.

    The Global Digital Compact also included the first universal agreement on the governance of artificial intelligence that brought every country to the table and set commitments on capacity building, so all countries and people benefited from artificial intelligence’s potential — by investing in affordable internet, digital literacy, and infrastructure; by helping developing countries use artificial intelligence to grow small businesses, improve public services, and connect communities to new markets; and by placing human rights at the centre of artificial intelligence-driven systems. The Pact’s decisions to create an Independent International Scientific Panel on Artificial Intelligence and an ongoing global dialogue that ensured all countries had a voice in shaping its future were important steps forward.  All needed to implement them, Mr. Guterres said.

    Mr. Guterres said all could help end the suffocation of human rights by breathing life into the Pact for the Future and the work of this Council.  He called for the Council’s cooperation, saying that there was no time to lose.

    VOLKER TÜRK, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain. Today marked the third anniversary of the full-scale Russian invasion of Ukraine.  Any sustainable peace must be anchored in the rights, needs and aspirations of the Ukrainian people, in accountability, and in the principles of the United Nations Charter and international law.  In Israel and the Occupied Palestinian Territory, where the suffering had been unbearable, Mr. Türk repeated his call for an independent investigation into grave violations of international law, committed by Israel in its attacks across Gaza, and by Hamas and other Palestinian armed groups. Any sustainable solution must be based on accountability, justice, the right to self-determination, and the human rights and dignity of both Israelis and Palestinians.  Any suggestion of forcing people from their land was completely unacceptable. 

    Beyond Ukraine and Gaza, conflicts and crises were tearing communities and societies apart, from Sudan to the Democratic Republic of the Congo, Haiti, Myanmar and Afghanistan.  Social tensions were rising; the richest one per cent controlled more wealth than most of humanity; and the climate crisis was a human rights catastrophe.  Digital technologies were widely misused to suppress, limit and violate rights, with artificial intelligence bringing new speed and scale.  This was the backdrop against which the Office and the broader human rights ecosystem, including the Council, were working to safeguard and promote the rights of everyone, everywhere. 

    Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions; observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world.  In addition to daily interventions with governments, the team issued about 245 statements, shining a light on human rights concerns in some 130 countries.  Teams on the ground contributed to human rights-based approaches to sustainable development, taxation and public spending, from Cambodia to Jordan and Serbia. Mr. Türk called on the international community to ensure the Office, national human rights institutions, and human rights non-governmental organizations could continue their essential work. 

    Since the adoption of the Universal Declaration of Human Rights, despite setbacks, there had been steady progress, but today this could no longer be taken for granted.  The global consensus on human rights was crumbling under the weight of authoritarians, strongmen and oligarchs, with autocrats now controlling around one-third of the world’s economy, more than double the proportion 30 years ago. 

    Everywhere, there were attempts to ignore, undermine, and redefine human rights, to chip away at gender equality and the rights of migrants, refugees, people with disabilities, and other minorities. 

    There needed to be an all-out effort by everyone, to make sure that human rights and the rule of law remained foundational to communities, societies and international relations.  Otherwise, the picture was very dangerous.  In previous centuries, the unrestrained use of force by the powerful, indiscriminate attacks on civilians, population transfers, and child labour were commonplace.  Dictators could order atrocity crimes consigning vast numbers of people to their deaths.  This could happen again.  But the world was far from powerless to prevent it.  The tools were the United Nations Charter, the Universal Declaration of Human Rights; the body of international law; and the institutions that worked to implement them.

    Today, there needed to be an alternative vision, rooted in facts, the law and compassion.  Human rights were about facts.  That was why the Office was monitoring, documenting, and reporting on violations and abuses in war zones and crises around the world, including Ukraine, the Occupied Palestinian Territory, the Democratic Republic of the Congo, Myanmar, Sudan, Syria, Afghanistan and Haiti.  Facts on their own could and must prompt action, which was why the work of the Council, and the other human rights mechanisms, was so important.  International legal frameworks and institutions, including the International Criminal Court, were fundamental to ensuring justice and achieving accountability, preventing future violations, and making the world safer for everyone. It was also important to have strong institutions at the national level to protect vulnerable people.

    Finally, human rights were nothing without compassion, going beyond thought leadership, to heart leadership.  Human rights had been central to movements for equality and justice throughout history and had the universal power to move people to action. In countries where human rights were not widely respected, people would risk their lives to defend them.  Mr. Türk paid tribute to brave human rights activists everywhere.  Upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity. 

    IGNACIO CASSIS, Chief of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings — a sense of pride and deep worry.  He said he was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council.

    However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism — a large portion of the global population lived under authoritarian rule.  In this context, the Council had a duty to act.

    Last year was marked by major elections.  More than four billion citizens, half of the world’s population, went to the ballot box.  This was a test for global democracy, and the result of these elections was deep unease. Young people were becoming more radical and social networks were exposing all to unfiltered hatred. Globalisation had reduced poverty but had led to deindustrialisation.  Identity claims had taken on a scale that was destabilising societies.  Social networks and the climate crisis were fuelling a sense of chaos and distrust in governments.

    Human rights were a fundamental bedrock on which all could stabilise societies. Rights to free and transparent elections, the right to work and the right to a sustainable environment were all very important, but the challenges to these and all rights were growing. Today, the world marked the third anniversary of the war in Ukraine.  There was also conflict in the Middle East, instability in southern Africa and war in sub-Saharan Africa.  It was more necessary than ever before to focus efforts on fundamental rights, including the right to education, ownership and the total prohibition of torture and slavery.  The Human Rights Council needed to act in a united manner and with determination. Concerted action was needed to guarantee peace and stability.  This was something the Swiss Presidency could achieve.

    Human rights were not a luxury but a necessity.  Switzerland was concerned by the decisions of some Member States to withdraw from the Council.  Every member of the United Nations needed to shoulder their responsibilities toward human rights.  Mr. Cassis expressed his full support for Ambassador Lauber, whose experience inside and outside the United Nations system would serve him well.

    Switzerland would also endeavour to uphold international humanitarian law and human rights as pillars of peace and security, as a member of the United Nations Security Council.  The state of the world was a reminder that Switzerland’s mission was far from complete. Mr. Cassis closed by wishing the Council fruitful discussions.

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    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    HRC25.004E

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal inaugurates Prakriti 2025

    Source: Government of India

    Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal inaugurates Prakriti 2025

    Prakriti 2025- International Conference on Carbon Markets, a reflection of India’s commitment to climate action

    Posted On: 24 FEB 2025 5:31PM by PIB Delhi

     

    Prakriti 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives), the international conference on carbon markets, was organised today in New Delhi. The conference aimed to promote resilience, awareness, knowledge, and resources for integrating transformational climate initiatives.

    Prakriti 2025 provided a high-level platform for national and international experts, policymakers, industry leaders, researchers, and practitioners to engage in discussions and exchange ideas on the global carbon market’s current trends, challenges, and future directions. By bringing together global leaders and experts, the event advanced discussions on innovative solutions for a sustainable, low-carbon future.

    Shri Dhiraj Srivastava, Chief Engineer, Ministry of Power, welcomed the distinguished guests, industry leaders, and global experts, expressing gratitude for their presence. He acknowledged the importance of collaboration in shaping India’s sustainable energy future.

    Hon’ble Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, inaugurated the event and shared the Indian Government’s vision on the critical role of carbon markets in tackling climate change. He emphasized the importance of transitioning to renewable energy (RE) to reduce dependence on fossil fuels and achieve emissions targets. Hon’ble Minister also highlighted India’s rich cultural heritage and traditional practices, such as Ganga Deep Puja and Govardhan Puja, which reflect the nation’s deep-rooted ecological consciousness and can complement modern sustainability efforts. Additionally, he underscored the need for climate policies that ensure real, verifiable, and fraud-proof carbon reductions, making India’s sustainability transition both ambitious and achievable.

    Additional Secretary, Ministry of Power, Shri Akash Tripathi, stated,“The Indian Carbon Market Ensures that the target notification aligns with buyer and seller needs in the carbon market. The focus is to implement a strategy to minimize emissions through cost-effective measures.” He further added, “As part of the compliance mechanism, there will be a gradual implementation of carbon reduction targets, with a 40% reduction by 2027 and the remaining by 2030.”

    Director, Bureau of Energy Efficiency, Shri Saurabh Diddi delivered the vote of thanks to the Hon’ble Minister of Power and Housing & Urban Affairs for gracing the event with his presence and sharing his insightful thoughts on striking an ecological balance inspired by our traditional practices. He thanked the panelists, the World Bank, and IETA for their support, emphasizing technology’s role in ensuring transparency in carbon markets. He also acknowledged PwC’s contribution and highlighted India’s policy-driven, tech-enabled approach to a green economy, positioning ICM as a model for emerging markets.

    The conference provided an in-depth understanding of the functioning and processes of the Indian Carbon Market (ICM) while offering insights into the global carbon market’s dynamics, opportunities, and challenges.

    The International Conference on Carbon Markets – PRAKRITI 2025, organized by the Bureau of Energy Efficiency (BEE) under the Ministry of Power, brought together global leaders and experts from various sectors to discuss and explore innovative approaches in addressing climate change through carbon markets.

    Throughout the conference, experts such as Shri Ajay Mathur, Director General of the International Solar Alliance, Mr. Marcos Castro, Senior Climate Change Specialist at the World Bank, and Ms. Leena Nandan, former Secretary, Ministry of Environment, Forest, and Climate Change, led the technical discussions on carbon markets. They delved into critical topics such as Development of Carbon Markets, Compliance Mechanisms, Developing Infrastructure for Functional Carbon Markets, Offset Mechanism, Carbon Credits, and global carbon market dynamics. The event served as a platform for thought leaders to exchange ideas and discuss strategies for advancing carbon markets and climate action globally.

    More than just a conference, Prakriti has distinguished itself as one of the most comprehensive and significant events for learning, sharing knowledge, and exploring opportunities for collaboration in the global effort to combat climate change. Prakriti 2025 will build on this momentum, marking a landmark milestone in India’s climate calendar and  the international climate dialogue.

    The conference will continue on Day 2 with plenary sessions focusing on Private Sector Perspectives on the Indian Carbon Market, Incentivizing Renewable Energy developers through Carbon Markets, and a thematic track on the Role of Ecosystem-Based Interventions in Achieving Net-Zero Goals.

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    SS

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  • MIL-OSI Asia-Pac: Joint Statement on the resumption of India-UK trade negotiations

    Source: Government of India (2)

    Posted On: 24 FEB 2025 5:08PM by PIB Delhi

    The Prime Minister of India Shri Narendra Modi and Prime Minister of the United Kingdom the Rt Hon Sir Keir Starmer met on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil in November 2024 to underline the importance of resuming trade negotiations at an early date.

    Today the Republic of India and the United Kingdom have resumed negotiations towards a trade deal between our two countries. This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Rt Hon Jonathan Reynolds who is in Delhi. This announcement is an outcome of the above stated discussions held at the level of Prime Ministers of the two countries.

    India and the United Kingdom have a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. At the centre of this relationship is the collective aspiration to deliver economic growth and sustainable development.

    Both sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. The strengthening of the trading relationship between our two countries has the potential to unlock opportunities for business and consumers across both our nations and build further on our already deep ties.

    The two leaders directed the negotiators to work together to resolve the outstanding issues in the agreement to ensure a fair and equitable trade deal for shared success.

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    Abhishek Dayal/ Abhijeet Narayanan

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