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Category: Business

  • MIL-OSI Canada: Government of Yukon highlighted territory’s mineral potential at conferences in Vancouver

    Government of Yukon highlighted territory’s mineral potential at conferences in Vancouver
    jlutz

    This week, Premier Ranj Pillai, Deputy Premier and Minister Responsible for Women and Gender Equity Directorate Jeanie McLean and Energy, Mines and Resources Minister John Streicker joined a delegation of representatives from the Government of Yukon, Yukon First Nations, the Yukon Geological Survey, the Yukon Mining Alliance, the Yukon First Nation Chamber of Commerce, the Yukon Chamber of Mines and Yukon businesses to promote Yukon jobs and industry at the Association for Mineral Exploration’s Roundup (AME Roundup) conference and the Vancouver Resource Investment Conference in Vancouver, British Columbia.

    Cabinet Ministers and Government of Yukon officials highlighted the importance of industry and government working with Yukon First Nations communities and shared upcoming plans for investment in the territory’s economic development through an emphasis on infrastructure upgrades and modernizing legislation. The Government of Yukon attended the conferences to provide information about mineral development opportunities in the territory.

    Investments in strategic infrastructure play a pivotal role in supporting Yukon residents, businesses and the territory’s mining industry. Ministers emphasized Government of Yukon priorities including improving access to Yukon communities through the Yukon Resource Gateway program, ongoing work with the Government of Canada to connect the Yukon and British Columbia’s electricity grids, as well as recent successes including the now-completed Dempster Fibre Line project.

    At AME Roundup, Minister John Streicker led a panel discussion on how industry and governments at all levels must work together to support community safety so that Yukon communities can truly benefit from the economic opportunities that industry presents. Geologists from the Yukon Geological Survey presented the results of their fieldwork to the mineral and investment community.

    Minister McLean joined Doris Bill, former Chief of the Kwanlin Dün First Nation, and Gina Nagano, President and Community Safety Specialist at House of Wolf, to lead a vital panel discussion at The Gathering Place on the importance of community safety as a foundation for equitable participation in the mining and resources industry. The session highlighted the critical role of safety and other foundational conditions in fostering inclusive opportunities, with a focus on Yukon-led initiatives such as the Yukon’s Missing and Murdered Indigenous Women, Girls and Two-Spirit+ Strategy. Minister McLean emphasized the importance of creating safe and supportive communities to ensure all Yukoners, particularly Indigenous women and Two-Spirit+ individuals, can benefit from the territory’s economic development.

    MIL OSI Canada News –

  • MIL-OSI: Radix Adds World-Class Supply Chain Resilience to Best-In-Class Asset Performance Management

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 26, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation, unlocks data with actionable insights at scale with speed, and sustainability to drive optimal asset performance in industries such as Energy, Chemical, Manufacturing, Oil & Gas, Power Generation and Distribution, Pulp & Paper, and Metals, Mining & Minerals. 

    Radix supply chain and asset performance competencies drives resilience, visibility, and performance, across all industry verticals. With its “on the ground,” world-class industry experts and data-driven transformation capabilities, Radix bolsters the total product lifecycle and boosts the decision-making capability within the entire Supply Chain spectrum. 

    Grant Belden, Vice President of Supply Chain and recent addition at Radix, spearheads the Radix supply chain division. Belden joins Radix bringing 25 years of “end to end” supply chain experience in industry experience with commercial, planning, sales and operational planning, procurement, logistics and warehousing – all on a global scale.

    “Radix is and has always been about being on the ground with our customers to help them achieve new levels of operational success. Grant’s robust Supply Chain leadership experience deepens the team’s expertise and impact with a wealth of Sales and Operational Planning leadership experience and capabilities,” says Keith Stentiford, SVP of Infrastructure North America.

    “Radix is uniquely built with data intelligence and people in mind, supported by a large team of in-house engineers and data scientists experts,” says Alexander Clausbruch, Founder & Chief Executive Officer, of Radix North America. “Our deep industry knowledge, and ‘skin in the game’ capabilities empower our customers’ digital transformation journey to accelerate, scale, and better navigate the various phases of the supply chain from end to end. I am proud of our team and our growth as we continue to be on the ground with our customers expanding our footprint in North America and around the world.” 

    “Radix provides executives, managers, and field operators across supply chain ecosystems with clear roadmaps and implementation services to optimize and navigate the most critical aspects of their Supply Chain and Asset Management operations,” said Tim Brown, Academic Program Director for AI at the Georgia Institute of Technology and previous Managing Director of the Georgia Tech Supply Chain and Logistics Institute. 

    According to Belden, Radix’s value within the supply chain spectrum is unique. “Where most Supply Chain point providers stop and hand off services within the larger supply chain process, Radix continues by empowering operations with industry-leading Asset Performance Management. As a result, we provide the value and industrial intelligence that companies need to seamlessly manage the entire product lifecycle.” 
      
    The Radix Supply Chain team will attend the Manifest Supply Chain event in Las Vegas from February 10 to 12 – showcasing the tangible impact of Radix Supply Chain visibility, and the resilience that comes from Radix’s best-in-class Asset Performance Management services and solutions.    

    About Radix  

    Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions. Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

    For more information:
    Citalouise Geiggar, Ph.D.
    citalouise.geiggar@radixeng.com 
    Radix

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85916472-18aa-44c2-aefb-52618b3185c0

    The MIL Network –

  • MIL-Evening Report: Wanting to ‘return to normal’ after a disaster is understandable, but often problematic

    Source: The Conversation (Au and NZ) – By Anthony Richardson, Senior Lecturer and Deputy Director, Te Puna Ako Centre for Tertiary Teaching and Learning, University of Waikato

    Media coverage of the recent fires in Los Angeles showed the heartbreaking damage in Pacific Palisades and elsewhere across Los Angeles County. People lost not only their houses but also the thriving communities of which they had been part.

    What was quickly apparent was the desire to rebuild. People often want their lives to bounce back from every crisis or disaster and to recreate what they have lost.

    And this points to a broader issue that emerges after many natural disasters. People want to rebuild and return to normal when, in the face of an increasingly volatile climate, the best option may be to adapt and change.

    There is a tension between a common understanding of personal resilience and the resilience of complex adaptive systems such as cities. People have a psychological and social need for stability and permanence, but all complex systems are resilient only because they adapt when forced to.

    In New Zealand, the same tension emerged in the aftermath of Cyclone Gabrielle. Ahead of the second anniversary of the devastating cyclone – and as Northland is battered, yet again, by severe weather and flooding – New Zealanders need to ask how we can balance our personal resilience and need for stability while also acknowledging the need for a managed retreat.

    The long history of fires in Los Angeles

    In his essay The Case for Letting Malibu Burn, writer Mike Davis outlines how fire is an inescapable part of Los Angeles history and how after each fire the city has always been rebuilt.

    Davis’ work focuses on Los Angeles but raises important questions about the future of all communities facing increasing risks from climate change.

    The repeated rebuilds in Los Angeles have created an expectation that the city will be rebuilt after every fire.

    But the city also has unique physical features that make such fires inescapable: the combination of the Santa Ana winds blowing from the desert with chaparral vegetation growing in the steep and dry canyons.

    Fire has always been a natural part of the cycle of regeneration in this landscape. What has changed is the encroachment of human dwellings at the foot of these hills and canyons, and into them. Between 1990 and 2020, nearly 45% of the homes built in California were placed in these high fire risk areas.

    Climate change is also making both localised rain events and droughts in the Los Angeles environs more extreme, creating larger and then drier fuel loads.

    From a systems perspective, a managed retreat from the areas of worst fire risk makes sense. The resilience of cities requires them to be adaptive.

    Yet adaptation in Los Angeles is largely not happening. After previous fires, rebuilding has generally occurred within six years and with minimal to no change in building design or placement. People have found comfort in the idea of “bouncing back” like a rubber ball.

    Pricing in the risk

    There is one group within this complex system which is actually adapting in the face of increasing climate change – in Los Angeles and elsewhere, including in New Zealand.

    Home insurers have drastically raised premiums in Los Angeles, or removed cover entirely from many homeowners, to cover ever-growing losses. The insurance bill for these recent fires is predicted to be US$30 billion and the frequency and cost of such climate disasters is increasing.

    Together, the 2023 Auckland Anniversary floods and Cyclone Gabrielle cost insurers more than NZ$3.5 billion. The cost of insurance in New Zealand rose by 14% in 2024, significantly outpacing general consumer price inflation.

    In system terms, increased insurance premiums represent some of the adaptive capacity of a community that insists on rebuilding in the face of increasing risks.

    In economic terms, you can also think of insurance premiums as a market signal which is pricing the ever-increasing risk of disaster into the cost of living in such fire or flood zones.

    Accepting risk or accepting change in NZ

    The approaching second anniversary of Cyclone Gabrielle and the ongoing debate over managed retreat demonstrates the same tension in Aotearoa New Zealand between increasing climate risks and our very human need to rebuild and restore what we have lost.

    City and regional councils are facing questions about whether to build (or rebuild) in high-risk areas.

    But with two thirds of our population living in flood risk areas and both flood risks and insurance costs increasing, how many times can New Zealand rebuild in these risky areas?

    In the end, we need to remember that a crucial, and sometimes overlooked, element of psychological resilience is acceptance of change.

    In a world of accelerating climate change and related disasters this is increasingly the more realistic response.

    Anthony Richardson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Wanting to ‘return to normal’ after a disaster is understandable, but often problematic – https://theconversation.com/wanting-to-return-to-normal-after-a-disaster-is-understandable-but-often-problematic-247884

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Key committees

    Source: Australian Department of Revenue

    ATO committee system

    The ATO’s committee system comprises a tiered structure that creates clear lines of authority and enables issues to be escalated and resolved. At the same time, it supports a strong governance culture that values impartiality, integrity and accountability.

    ATO committees

    The ATO Executive Committee is the organisation’s most senior committee. It is supported by the Audit and Risk Committee and 5 enterprise-level committees (Finance, People, Risk, Security and Strategy). These committees are our most senior committees and they have defined responsibilities to approve, advise and monitor specified governance areas across the organisation.

    These committees include:

    • Audit and Risk Committee – an independent committee comprised of independent (external) members. It is responsible for the audit and risk management of the ATO. It provides the Commissioner of Taxation with independent assurance and advice on the appropriateness of the ATO listed entity’s
      • annual financial statements
      • performance statements
      • performance reporting
      • system of risk oversight and management, and
      • system of internal controls.

    Refer to Audit and Risk Committee Charter

    • Finance Committee – responsible for exercising governance responsibilities with respect to the ATO’s resource allocation, investment and program delivery, including monitoring financial risk.
    • People Committee – an advisory committee responsible for ensuring workforce and culture strategies support a contemporary and capable workforce.
    • Risk Committee – responsible for oversight and assurance of the ATO risk profile and advising on the management of key risks.
    • Security Committee – responsible for ensuring protective security and business continuity management capabilities are managed effectively across the ATO.
    • Strategy Committee – responsible for stewarding the end-to-end taxpayer experience by shaping discretionary and non-discretionary (NPP) investment priorities and ensuring peak taxpayer strategies are aligned, appropriate and on track.

    Organisational chart

    See our Organisational chart showing the reporting responsibilities within the ATO by group and business line.

    MIL OSI News –

  • MIL-OSI Australia: Emissions reduction plan

    Source: Australian Department of Revenue

    Accountable Authority sign off

    The Australian Taxation Office (ATO) recognises it has a role to play in addressing climate change by implementing the Government’s Net Zero in Government Operations Strategy. We understand that our operations affect climate change, and we are committed to leading by example in the transition towards a low-carbon future.

    This Emissions Reduction Plan builds upon our agency’s previous targets and action plans to minimise our carbon footprint and contribute to the nation’s broader climate goals.

    Our plan reflects our commitment to transparency, accountability, and continuous improvement in our environmental performance.

    As the Commissioner of Taxation, I am the Accountable Authority for the Australian Taxation Office listed entity, which is comprised of the ATO, the Tax Practitioner’s Board and the Australian Charities and Not-for-profits Commission (the ACNC), including the ACNC Advisory Board.

    Through this plan, we pledge to:

    • substantially reduce our greenhouse gas emissions
    • improve energy efficiency across our operations
    • transition to renewable energy sources
    • promote sustainable practices in our operations
    • foster a culture of environmental responsibility among our staff.

    ‘The ATO is committed to achieving net zero emissions by 2030. Together, we can create a more sustainable future for our nation and contribute to the global fight against climate change.’

    Rob Heferen
    Commissioner of Taxation
    Registrar of the Australian Business Register, Australian Business Registry Services, and
    Register of Foreign Ownership of Australian Assets.

    Acknowledgement of Country

    We acknowledge the Traditional Owners and Custodians of Country throughout Australia and their continuing connection to land, waters and community. We pay our respects to them, their cultures, and Elders past and present.

    We recognise the unique relationship Aboriginal and Torres Strait Islander people have to Country, culture, and community, and the important role this plays in us all walking together as Australians.

    MIL OSI News –

  • MIL-OSI Global: California depends on prison labour to deal with climate disasters — Canada must avoid a similar model

    Source: The Conversation – Canada – By Jordan House, Assistant Professor, Labour Studies, Brock University

    As wildfires continue to burn in and around Los Angeles, the fact that many of the firefighters battling the blazes are inmates from California’s prison system has drawn significant attention in news coverage.

    While the California Department of Corrections and Rehabilitation (CDCR) claims their fire camp program is voluntary and provides prisoners with meaningful opportunities, research demonstrates otherwise.

    Critics, including the American Civil Liberties Union (ACLU), argue that the program exploits incarcerated individuals, labelling it as “modern-day slavery.” One ex-prisoner described it as “involuntary servitude.”

    An inmate shares his experience fighting California wildfires (ABC News).

    The use of prison labour is particularly concerning, given Black Americans are incarcerated at nearly five times the rate of white Americans in state prisons. In 12 states, more than half of the prison population is Black.

    California prisoners are denied access to minimum wage provisions, prevented from forming labour unions and denied access to other workplace safety regulations. They’re also more likely to be injured or to die on the job than non-incarcerated firefighters. Their wages are capped at US$29.80 per day, compared to non-incarcerated firefighters, who earn up to US$358 daily, not including overtime.

    While serving in a fire crew gives prisoners the chance to shave time off of their sentences and have records expunged, neither of these benefits is guaranteed. Both are contingent on the CDCR or county jails deeming the service in a fire camp to be “successful.” This leaves prisoners vulnerable to being denied these benefits, despite risking injury or death.

    Prison labour in the Canadian context

    Some Canadian coverage of the L.A. fires has noted that provincial prisoners in British Columbia also work in a wildfire suppression program. However, little has been said about how that work relates to the larger system of prison labour in the country.

    Like their counterparts south of the border, Canadian prisoners are engaged in various forms of labour, including wildfire management, but are denied basic rights as workers.

    In 1975, Donald Griggs, then-superintendent of Ontario’s Monteith Correctional Complex, told the Globe and Mail that prison labour had been used in response to fires from time immemorial: “When a fire got bad, the jails were emptied and the men were shoved out on the fire line.”

    By the late 1960s, programs for prisoners to support wildfire suppression had become more formalized. During that time, for example, prisoners at Beaver Creek, a federal prison in Ontario, participated in regional bushfire response efforts. Working in the program offered prisoners, who were paid $1.25 an hour, a chance at some “action.”

    By the mid-1970s, some Ontario prisoners earned up to $50 a day battling wildfires. Today, however, most prisoners don’t earn anything close to those wages. Federal prisoner pay maxes out at $6.90 per day.

    In the rare situations where prisoners are relatively well-compensated, prison labour still offers employers unique benefits. Prisoners’ lack of freedom and limited ability to refuse work is touted as an advantage. Correctional Service of Canada (CSC) officials have argued that, compared to volunteer firefighters, prisoners “are always in one place and available for duty.”

    Prison labour in British Columbia

    Canada’s most prominent use of prison labour to manage wildfires is in B.C. While prisoners served in direct firefighting roles in the past, today provincial prisoners, who make between $2 and $8 per day, play a critical support role for wildfire-fighting crews by maintaining equipment and fire camps.

    Notably, all the participating prisoners have “open custody” status, having “behaved exceptionally well during previous experience on other community work crews.”

    In Canada, prisoners are supposed to work as part of their rehabilitation, not as punishment. However, the reality often prioritizes the needs of employers over the rehabilitation of prisoners. A review of the CSC’s Federal Work Release Program, which was established in 1992 and included a firefighting component, notes:

    “It is not necessary that the work be directly related to the offender’s correctional plan…work release is a very flexible program that allows correctional managers to respond to community projects and local needs for labour.”

    This is particularly concerning given that ex-prisoners often struggle to secure gainful employment upon release, despite their participation in employment programming.

    Prison labour as a response to climate disasters

    While the idea of keeping people incarcerated to maintain a labour force to fight disasters might sound like something out of science fiction, it’s not mere speculation. Responses to climate catastrophes like the L.A. fires demand huge amounts of resources and labour.

    Former U.S. vice-president Kamala Harris, as California attorney general, led a campaign to defy a U.S. Supreme Court order to reduce the state’s prison population partly because decarceration would “severely impact fire camp participation.”

    In Canada, prison labour has similarly been used in disaster responses. Most recently, CORCAN, the federal prison industry program, has been contracted to build temporary housing for people displaced by the 2024 wildfires in Jasper, Alta.

    Just as Black, Indigenous and racialized people in the U.S. are more likely to become incarcerated, these are also the populations that suffer disproportionately from the impacts of wildfires. Studies have shown that Indigenous communities in Canada are the hardest hit by wildfires, while Indigenous Peoples make up the fastest growing prison populations.

    Much like the U.S., Canada also disproportionately incarcerates Black, Indigenous and racialized people, while also depriving incarcerated labourers of access to minimum wage rights, workplace safety provisions and the right to unionize.

    The root cause of many of these disasters — climate change — is disproportionately driven by the world’s wealthiest elites. The use of prison labour to fight wildfires only further perpetuates the systemic inequalities exacerbated by climate injustice and reflects a continuation of indentured servitude.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. California depends on prison labour to deal with climate disasters — Canada must avoid a similar model – https://theconversation.com/california-depends-on-prison-labour-to-deal-with-climate-disasters-canada-must-avoid-a-similar-model-248099

    MIL OSI – Global Reports –

  • MIL-OSI Global: Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue

    Source: The Conversation – Canada – By Alexander Martin, PhD Student, Science and Technology Studies, York University, Canada

    The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. (Shutterstock)

    There has recently been a shift online from centralized platforms like X (formerly Twitter) to decentralized alternatives like Bluesky. In particular, many users unhappy with the politics and antics of X owner Elon Musk are moving to Bluesky.

    Users migrating from X have cited a rise in bots and hate speech as the reason for leaving the site. Journalist Cory Doctorow termed this the idea of “enshittification,” a process where platforms get worse by focusing on profit and spreading harmful content.

    Under Musk, X has seemingly shifted to promote more extreme accounts, making the platform less welcoming to others. These users are looking for more control, transparency, and less manipulation.

    However, this migration raises an important question. Is this shift towards platforms like Bluesky limiting cross-ideological conversation and increasing political polarization? If so, what does this mean for the health of democracy in the digital age?

    The migration to Bluesky, especially after the 2024 U.S. presidential election, reflects a growing dissatisfaction with centralized platforms and their handling of political content. Understanding this trend is essential, as it could shape how future political debates and movements unfold online.

    Social media and political discourse

    Social media platforms are now central to political discourse. Amid recent political movements, including Donald Trump’s rise, social media has emerged as a key player in shaping political narratives. Figures like Musk and Meta CEO Mark Zuckerberg are increasingly close to Trump.

    Meta donated $1 million to Trump’s inauguration fund, as did other tech companies. Both Zuckerberg and Musk made appearances at Trump’s inauguration, signalling support for Trump’s ascent to power. This demonstrates the tech industry’s close proximity to political power and centralized social media’s potential to amplify certain political agendas.

    The shift from X to Bluesky is part of a larger trend. Left-leaning users are moving to Bluesky because of concerns over political bias and misinformation on X.

    Musk’s acquisition of X in 2022 changed its content moderation policies. This change amplified conservative voices and pushed away users who already felt marginalized. This resulted in an initial exodus to another decentralized social media site called Mastodon, where the user count surged from 3,400 to 113,400 in a single day.

    Commentators have pointed out that many users want a platform with less bias, few manipulations and more freedom of expression.

    Bluesky’s open-source, federated structure provides a space where users have more control over their online experience. This has helped Bluesky grow rapidly, with the platform gaining 2.5 million new users in just two months and seeing a 500 per cent increase in traffic following the U.S. election.

    The platform’s appeal lies in its promise of transparency and user autonomy, qualities that users increasingly value as centralized platforms like X and Meta face scrutiny over political bias and misinformation.

    Tara McGowan discusses the migration of liberals from X to Bluesky.

    May fuel more polarization

    While Bluesky offers an alternative to X’s perceived political bias, it may also deepen political polarization. Its decentralized nature gives users control over what they see, which could reinforce ideological silos.

    Research being done on Mastodon shows that this model can contribute to the democratization of social media by offering more control. As left-leaning users flock to Bluesky while right-leaning users stay on X and Meta, the divide between these groups deepens, further entrenching political silos.

    One of the main reasons for the migration to Bluesky is dissatisfaction with content moderation practices on centralized platforms like X and Meta. Under Musk’s leadership, X has scaled back content moderation and reinstated controversial accounts, raising concerns about the spread of misinformation.

    Similarly, Meta has relaxed its content guidelines by introducing community notes, similar to X. This makes it easier for harmful content to spread. With the community notes, the platform decides what content is considered factual. While this gives users more freedom, it could also enable the spread of false and misleading information.



    Read more:
    Meta is abandoning fact checking – this doesn’t bode well for the fight against misinformation

    Bluesky offers a decentralized model that gives users more control over the content they see. Users can curate their own feeds, creating a more personalized experience.

    Though this model faces challenges, like bot activity and misinformation, it moves away from algorithm-driven approach of platforms like X and Meta. In an era where users worry about bias and censorship, Bluesky’s model offers a potential solution for those seeking more transparency and control over the content they see.

    However, all misinformation threatens the integrity of public discourse. As users gravitate toward platforms that reinforce their existing beliefs, they become more vulnerable to misinformation campaigns.

    This has the potential to undermine public trust in political institutions and the democratic process. Unchecked false information could have serious consequences for democratic participation and the legitimacy of the political process.

    A threat to democracy?

    Bluesky’s decentralized model offers an alternative to traditional centralized platforms that are increasingly seen as biased or manipulative.

    However, this migration also highlights the dangers of political polarization and echo chambers. As users move to platforms that align with their beliefs, space for cross-ideological dialogue shrinks, weakening public discourse.

    This growing division could make it harder for people to have informed, open debates about important issues that matter most. Moving to decentralized platforms like Bluesky may provide more control over the content, but it still requires careful attention to how platforms shape political narratives and the future of democratic engagement.

    Alexander Martin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Online platforms risk becoming ideological echo chambers that undermine meaningful dialogue – https://theconversation.com/online-platforms-risk-becoming-ideological-echo-chambers-that-undermine-meaningful-dialogue-247982

    MIL OSI – Global Reports –

  • MIL-OSI Global: Canada’s claim that it champions human rights is at odds with its mining practices

    Source: The Conversation – Canada – By Véronique Plouffe, PhD candidate in Feminist and Gender Studies, L’Université d’Ottawa/University of Ottawa

    Canada presents itself as a gender equality and human rights champion both at home and abroad. But it’s also a global leader in mining, an industry with an abysmal human rights record.

    Under the previous Conservative federal government, Canadian foreign aid was more directly aligned with mining and commercial interests. But when Liberal Justin Trudeau was elected in 2015, it appeared to signal a return to more “progressive” values.



    Read more:
    Justin Trudeau’s resignation creates a progressive void in Canada, part of a long-established cycle

    The launch of the Feminist International Assistance Policy in 2017 was a powerful symbol in this direction. But despite Canadian mining companies being accused of environmental and human rights violations in various countries, the Liberal government continues to actively support mining abroad.

    Canada is a global mining powerhouse, home to almost half of the world’s publicly listed mining and mineral exploration companies.

    According to 2023 data, Canadian mining companies operate in 95 foreign countries and the value of Canadian mining assets totalled $336.7 billion. Half of Canadian foreign mining assets are located in Latin America and the Caribbean.

    Canadian mining in Peru

    Peru is a key mining partner; 71 firms operate in the country and Canada has nearly $10 billion of mining assets in the South American country. Canada has the largest number of mining exploration projects in Peru at 24, and ranks third (after the United Kingdom and Peru itself) in terms of mining exploration investments.

    At last year’s Asia-Pacific Economic Cooperation meeting in Lima, Trudeau announced investments to create “a better future by focusing on a healthier planet and equal opportunities for all.” These included initiatives to support women’s and girls’ rights as well as improving access to the justice system for Indigenous and Afro-Peruvian communities.

    Trudeau also announced the creation of a Canada-Peru Dialogue of Critical Minerals and Mining Sustainability.

    But can Canada be both a human rights champion and a global mining leader? While Canada describes its mining industry as sustainable and socially responsible, human rights organizations paint a different picture.

    Backing Boluarte government

    Canadian mining companies have been accused in Peru of environmental contamination, criminalizing community leaders, land dispossession and the violation of Indigenous self-determination. Canada has also supported Peruvian mining law reforms in favour of foreign mining investment.

    Canada’s support of the current and highly unpopular Dina Boluarte government, which ousted left-wing president Pedro Castillo in 2022, points to the ongoing prioritization of mining interests over human rights, even those of Canadian citizens.

    Castillo meanwhile had proposed a plan to renegotiate mining contracts with multinational companies so that more profits stayed in Peru.

    The impact on women

    Reports have shown that women bear the brunt of mining’s negative impacts, which include gender violence, economic and food insecurity and health problems.

    Women human rights defenders confronting extractive industries also face gender-specific risks and challenges. Indigenous women are often at the forefront of resisting extractive projects.

    Despite the bold ambitions of Canada’s Feminist International Assistance Policy to promote a “more peaceful, more inclusive and more prosperous world,” critics have highlighted several weaknesses and challenges.

    Among them: insufficient funding, its instrumentalist approach (when women are used for broader economic and political goals), as well as its emphasis on neoliberal capitalist growth and the private sector.

    Some have also highlighted its lack of coherence with other policy areas, including trade and security, its support for Israel and its treatment of Indigenous women in Canada.



    Read more:
    Canada’s inaction in Gaza marks a failure of its feminist foreign policy

    Structural causes not addressed

    My ongoing research with civil society organizations in Peru suggests that Canada is providing much-needed and highly appreciated support for women’s rights, LGTBQ+ and Indigenous women’s organizations, namely through its Women’s Voice and Leadership Program. The positive impacts of such initiatives should not be overlooked.

    But even though these projects — often short-term — may benefit some people and some organizations, they often fail to tackle the structural causes of poverty and gender inequality. They also neglect to take into account Canada’s role in creating and maintaining global inequalities through its disruptive mining activities.



    Read more:
    The role of Canadian mining in the plight of Central American migrants

    For years, Canadian civil society organizations have been demanding greater accountability and regulation for Canadian overseas corporations. Despite promises to hold companies accountable for abuses abroad with the creation of the Ombudsperson for Responsible Enterprise, the Trudeau government has been criticized for failing to deliver on these pledges.

    With the possible election of a Conservative federal government in the coming months, it’s unlikely that tightening regulations for private Canadian companies operating in other countries will be a priority.

    Despite its feminist ambitions, taking a closer look at Canada’s role in countries where it has significant mining interests reveals a more complex and nuanced image of Canada in the world.

    Véronique Plouffe receives funding from the Social Sciences and Humanities Research Council (SSHRC).

    – ref. Canada’s claim that it champions human rights is at odds with its mining practices – https://theconversation.com/canadas-claim-that-it-champions-human-rights-is-at-odds-with-its-mining-practices-246757

    MIL OSI – Global Reports –

  • MIL-Evening Report: Trump’s ‘free speech’ vision comes at expense of press freedom

    Pacific Media Watch

    Among his first official acts on returning to the White House, President Donald Trump issued an executive order “restoring freedom of speech and ending federal censorship”.

    Implicit in this vaguely written document: the United States is done fighting mis- and disinformation online, reports the Paris-based global media watchdog Reporters Without Borders (RSF).

    Meanwhile, far from living up to the letter or spirit of his own order, Trump is fighting battles against the American news media on multiple fronts and has pardoned at least 13 individuals convicted or charged for attacking journalists in the 6 January 2021 insurrection.

    An RSF statement strongly refutes Trump’s “distorted vision of free speech, which is inherently detrimental to press freedom”.

    Trump has long been one of social media’s most prevalent spreaders of false information, and his executive order, “Restoring Freedom of Speech and Ending Federal Censorship,” is the latest in a series of victories for the propagators of disinformation online.

    Bowing to pressure from Trump, Mark Zuckerberg, whose Meta platforms are already hostile to journalism, did away with fact-checking on Facebook, which the tech mogul falsely equated to censorship while throwing fact-checking journalists under the bus.

    Trump ally Elon Musk also dismantled the meagre trust and safety safeguards in place when he took over Twitter and proceeded to arbitrarily ban journalists who were critical of him from the site.

    ‘Free speech’ isn’t ‘free of facts’
    “Free speech doesn’t mean public discourse has to be free of facts. Donald Trump and his Big Tech cronies like Elon Musk and Mark Zuckerberg are dismantling what few guardrails the internet had to protect the integrity of information,” said RSF’s USA executive director Clayton Weimers.

    “We cannot ignore the irony of Trump appointing himself the chief crusader for ‘free speech’ while he continues to personally attack press freedom — a pillar of the First Amendment — and has vowed to weaponise the federal government against expression he doesn’t like.

    “If Trump means what he says in his own executive order, he could start by dropping his lawsuits against news organisations.”

    Trump recently settled a lawsuit out of court with ABC News parent company Disney, but is still suing the Des Moines Register and its parent company Gannett for publishing a poll unfavourable to his campaign, and the Pulitzer Center board for awarding coverage of his 2016 campaign’s alleged ties with Russia.

    Trump should immediately drop both lawsuits and refrain from launching others while in office.

    After a campaign where he attacked the press on a daily basis, Trump has continued to berate the media and dismissed its legitimacy to critique him.

    During a press conference the day after he took office, Trump reproached NBC reporter Peter Alexander for questions about Trump’s blanket pardons of the January 6th riot participants, saying, “Just look at the numbers on the election.

    “We won this election in a landslide, because the American public is tired of people like you that are just one-sided, horrible people, in terms of crime.”

    An incoherent press freedom policy
     The executive order also flies in the face of his violent rhetoric against journalists.

    The order asserts that during the Biden administration, “the Federal government infringed on the constitutionally protected speech rights of American citizens across the United States in a manner that advanced the government’s preferred narrative about significant matters of public debate.”

    It goes on to state, “It is the policy of the United States to ensure that no Federal Government officer, employee, or agent engages in or facilitates any conduct that would unconstitutionally abridge the free speech of any American citizen.”

    This stated policy, laudable in a vacuum, even if made redundant by the First Amendment, is rendered meaningless by Trump’s explicit threats to weaponise the government against the media, which have recently included threats to revoke broadcast licenses in political retaliation, investigate news organizations that criticise him, and jail journalists who refuse to expose confidential sources.

    Instead, the policy appears designed to amplify disinformation, which benefits a President of the United States who has proven willing to spread disinformation that furthered his political interests on matters small and large.

    “If Trump is serious about his stated commitment to free speech, RSF suggests he begin by ensuring his own actions serve to protect the free press, rather than censoring or punishing media outlets,” the watchdog said.

    “The United States has seen a steady decline in its press freedom ranking in RSF’s World Press Freedom Index over the past decade to a current ranking of 55th out of 180 countries, with presidents from both parties presiding over this backslide.

    “While Trump is not entirely responsible for the present situation, his frequent attacks on the news media have no doubt contributed to the decline in trust in the media, which has been driven partly by partisan attitudes towards journalism.

    “Trump’s violent rhetoric can also contribute to real-life violence — assaults on journalists nearly doubled in 2024, when his campaign was at its apex, compared to 2023.”

    Pacific Media Watch collaborates with RSF.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: A new building of the St. Petersburg HSE has opened in the historic building of the Rope Shop

    Translartion. Region: Russians Fedetion –

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

    The famous monument of constructivism — the Rope Shop of the Krasny Gvozdilshchik Plant — has become the new building of the National Research University Higher School of Economics — Saint Petersburg. About four thousand students will study in the building on the 25th Line of Vasilievsky Island.

    Press service of the National Research University Higher School of Economics

    The grand opening ceremony of the new building, timed to coincide with Russian Students’ Day, took place on Saturday, January 25. The event was attended by government officials, members of the HSE – St. Petersburg Board of Trustees, industrial partners, students and teachers. The symbolic red ribbon was cut by the Minister of Education of the Russian Federation Sergey Kravtsov, Vice-Governor of St. Petersburg Vladimir Knyaginin, Rector of HSE Nikita Anisimov and Director of HSE – St. Petersburg Anna Tyshetskaya.

    The new educational space “Rope Workshop” is more than 20 thousand square meters of modern classrooms, coworking spaces, rooms for practical and project work, museum and exhibition spaces. The building will accommodate students of the joint School of Informatics, Physics and Technology with VK, the School of Design, as well as educational programs in the areas of “Media Communications”, “Sociology”, “State and Municipal Administration”.

    “Today is a significant event not only for St. Petersburg, but for our entire country — the opening of the new building of the Higher School of Economics. I would like to thank the government of St. Petersburg for the attention paid to the city’s education system. Today, the Higher School of Economics is one of the leading Russian universities. It has very high quality and standards of education, a very strong teaching staff and, accordingly, high competition for admission. I am sure that students from all regions of our country, as well as from other countries, will study in the new building of the university. It is important that the areas that will be presented here are very relevant and in demand by the leading sectors of the domestic economy,” emphasized the Minister of Education of the Russian Federation Sergey Kravtsov.

    Vice-Governor of Saint Petersburg Vladimir Knyaginin congratulated the students of the Saint Petersburg HSE on the holiday and noted the importance of integrating the educational space into the urban environment. “I am pleased that engineers, builders, designers, architects treated the heritage with care, and we really have a pearl of constructivism that will work for the city, for students, for all of us. The Higher School of Economics in Saint Petersburg is growing with such wonderful objects, and I am looking forward to the opening of the Patriotic Institute building. It seems to me that these will be two wonderful architectural masterpieces, newly opened to the city, its residents and tourists,” Vladimir Knyaginin noted.

    HSE Rector Nikita Anisimov emphasized that Russian Students’ Day is an important holiday for everyone, and celebrating it in St. Petersburg is especially symbolic, because it is here that the traditions of Russian education were formed. “Dear students, teachers, graduates, friends, honored guests! I sincerely congratulate you on our common holiday: St. Tatyana’s Day, Russian Students’ Day. The day when we open our hearts to the future. You, students, are our future. Of course, we pass on our experience, our knowledge, our opportunities to you, but the future is yours. The spirit of education has always lived and will live within the university walls. The traditions of this day were laid here, in the capital of the Russian Empire, in St. Petersburg, in the city where we are opening this building today. Remember – our university is always open for you 24/7, this is your home. Happy holiday!” HSE Rector Nikita Anisimov addressed the students.

    Director of the National Research University Higher School of Economics in St. Petersburg Anna Tyshetskaya congratulated those gathered on the occasion and noted that the opening of the building in the historic building of the Rope Workshop will become an incentive for the development of new areas. “Together with our partners, we are presenting a new approach to organizing the educational process. The key concept is the integration of the competencies of the Higher School of Economics and leading technology companies. In addition to standard classrooms and laboratories, we have created spaces that unite the educational and business environment. The new building will house an IT cluster, media communications, and design. In 2025, several new areas of training will open, including a program in architecture. Thus, a new technological and creative educational cluster is being formed on Vasilievsky Island,” emphasized Director of the National Research University Higher School of Economics in St. Petersburg Anna Tyshetskaya.

    The restoration of the famous constructivist monument, where the students of the HSE in St. Petersburg will study, was carried out by the Setl Group company. The Chairman of the Board of Directors of the holding company, Maxim Shubarev, is a member of the Board of Trustees of the National Research University Higher School of Economics – St. Petersburg. “It is pleasant to realize that the restoration of the Rope Shop allowed us not only to return an iconic cultural heritage site to the city, but also, thanks to our long-standing partner, the Higher School of Economics, to fill its space with the spirit of science and education. The architectural monument has become an Alma Mater and today opened its doors to students of this respected educational institution. I hope that the amazing and rich history of this building will create a special atmosphere here that motivates knowledge, and will contribute to new discoveries, achievements and creative processes,” said Maxim Shchubarev.

    After the ceremony, HSE St. Petersburg Director Anna Tyshetskaya gave guests a tour of the Rope Workshop. The first floor of the educational space houses the workshops and studios of the School of Design. In 2025, the educational program “Architecture” will open here in partnership with leading design companies and museum institutions of the federal level.

    Part of the Rope Workshop space will be occupied by representative offices of industrial partners of the HSE St. Petersburg: VK, BIOCAD, t2, Yadro, 1C, Yandex, Gazprom Neft, Lesta Igri, RBC and others. The integration of the business environment into the educational process will allow students from the first year to work on real cases and tasks of leading Russian companies.

    As part of a strategic partnership with VK, a new School of Informatics, Physics and Technology will begin operating in 2025, where information systems developers, system architects, ML researchers and ML developers will be trained. The programs were designed under the guidance of leading experts from HSE – St. Petersburg and VK and will allow future specialists to gain relevant knowledge and practical business experience.

    In addition, in 2025, the new building will open the “Programming and Engineering of Computer Games” program. The leading game developer in the CIS, “Lesta Igri”, will act as an industrial partner. On the day of the opening of the Rope Workshop, the Director of Business Development of the group of companies, Gaukhar Aldyyarova, and the Director of the National Research University Higher School of Economics – St. Petersburg, Anna Tyshetskaya, signed an agreement on strategic partnership aimed at developing research activities and training specialists.

    The Yakov Chernikhov Museum of Architecture is located under the unique metal trusses of the Rope Shop. The cultural and educational space is being created to popularize Russian architecture and the legacy of Yakov Chernikhov, whose work is inextricably linked with Leningrad. It is planned to hold open educational events for residents of St. Petersburg and tourists on the museum site.

    After the tour of the new building, guests, students and teachers took part in a large-scale cultural and educational marathon. The celebration in honor of Russian Students’ Day was opened by musician, presenter and blogger Alexander Pushnoy. He moderated the discussion “Artificial Intelligence in Education, Creativity and Content”. VK and industry experts, designers, scientists, teachers and students of the HSE St. Petersburg discussed the role, application and benefits of AI in various professional fields. The event was broadcast exclusively on VK Video. About two thousand people will be able to attend master classes, lectures, expert discussions with leading representatives of science, business and the media sphere throughout the day.

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

    MIL OSI Russia News –

  • MIL-OSI Global: Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study

    Source: The Conversation – Africa – By Tinashe P. Kanosvamhira, Post-doctoral researcher, African Centre for Cities, University of Cape Town

    Urban farms like this one in Nouakchott, Mauritania, have many benefits. John Wessels/AFP via Getty Images)

    Urban agriculture takes many forms, among them community, school or rooftop gardens, commercial urban farms, and hydroponic or aquaponic systems. These activities have been shown to promote sustainable cities in a number of ways. They enhance local food security and foster economic opportunities through small-scale farming initiatives. They also strengthen social cohesion by creating shared spaces for collaboration and learning.

    However, evidence from some African countries (and other parts of the world) shows that very few young people are getting involved in agriculture, whether in urban, peri-urban or rural areas. Studies from Kenya, Tanzania, Ethiopia and Nigeria show that people aged between 15 and 34 have very little interest in agriculture, whether as an educational pathway or career. They perceive farming as physically demanding, low-paying and lacking in prestige. Systemic barriers like limited access to land, capital and skills also hold young people back.

    South Africa has a higher rate of young people engaging in farming (24%) than elsewhere in sub-Saharan Africa. However, this number could be higher if young people better understood the benefits of a career in farming and if they had more support.

    In a recent study I explored youth-driven urban agriculture in Khayelitsha, a large urban area outside Cape Town whose residents are mostly Black, low-income earners.

    The young urban farmers I interviewed are using community gardens to grow more than vegetables. They’re also nurturing social connections, creating economic and business opportunities, and promoting environmental conservation. My findings highlight the transformative potential of youth-driven urban agriculture and how it can be a multifaceted response to urban challenges. It’s crucial that policy makers recognise the value of youth-led urban agriculture and support those doing the work.

    The research

    Khayelitsha is vibrant and bustling. But its approximately 400,000 residents have limited resources and often struggle to make a living.

    I interviewed members of two youth-led gardens. One has just two members; the other has six. All my interviewees were aged between 22 and 27. The relatively low number of interviewees is typical of qualitative research, where the emphasis is placed on depth rather than breadth. This approach allows researchers to obtain detailed, context-rich data from a small, focused group of participants.

    The first garden was founded in January 2020, just a few months before the pandemic struck. The founders wanted to tackle unemployment and food insecurity in their community. They hoped to create jobs for themselves and others, and to provide nutritional support, particularly for vulnerable groups like children with special needs.

    The second garden was established in 2014 by three childhood friends. They were inspired by one founder’s grandmother, who loved gardening. They also wanted to promote organic farming, teach people healthy eating habits, and create a self-reliant community.

    All of my interviewees were activists for food justice. This refers to efforts aimed at addressing systemic inequities in food production, distribution, and access, particularly for marginalised communities. It advocates for equitable access to nutritious, culturally appropriate food.

    One of the gardens, for instance, operates about 30 beds. It cultivates a variety of produce: beetroot, carrots, spinach, pumpkins, potatoes, radishes, peas, lettuce and herbs. 30% of its produce is donated to local community centres each month (they were unable to say how many people benefited from this arrangement). The rest is sold to support the garden financially. Its paying clients include local restaurants and chefs, and members of the community. The garden also partners with schools, hospitals and other organisations to promote healthy eating and sustainable practices.

    The second garden, which is on land belonging to a local early childhood development centre, also focuses on feeding the community, as well as engaging in food justice activism.

    Skills, resilience and connections

    The gardens also help members to develop skills. Members gain practical knowledge about sustainable agriculture, marketing and entrepreneurship, all while managing operations and planning for growth.



    Read more:
    Healthy food is hard to come by in Cape Town’s poorer areas: how community gardens can fix that

    This hands-on experience instils a sense of responsibility and gives participants valuable skills they can apply in future careers or ventures. The founder of the first garden told me his skills empowered him to seek help from his own community rather than waiting for government intervention. He approached the management of an early childhood development centre in the community to request space on their land, and this was granted.

    Social connections have been essential to the gardens’ success. Bonding capital (close ties within their networks) and bridging capital (connections beyond their immediate community) has allowed them to strengthen relationships between themselves and civil society organisations. They’ve also been able to mobilise resources, as in the case of the first garden accessing community land.

    Additionally, the gardens foster community resilience. Members host workshops and events to educate residents about healthy eating, sustainable farming and environmental stewardship.

    By donating produce to local early childhood centres, they provide direct benefits to those most in need. These efforts have transformed the gardens into safe spaces for the community.

    Broader collaboration has also been key to the gardens’ success. For instance, the second garden has worked with global organisations and networks, like the Slow Food Youth Network, to share and gain knowledge about sustainable farming practices.

    Room for growth

    My findings highlight the need for targeted support for youth-driven urban agriculture initiatives. Policy and financial backing can enable these young gardeners to expand their efforts. This in turn will allow them to provide more food to their communities, create additional jobs, and empower more young people.

    At a policy level, the government could prioritise land access for urban agriculture projects, especially in under-served communities. Cities can foster an environment for youth initiatives to thrive by allocating spaces within their planning for urban farming.



    Read more:
    Africa’s megacities threatened by heat, floods and disease – urgent action is needed to start greening and adapt to climate change

    There’s also a need for educational programmes that emphasise the value of sustainable urban agriculture, and workshops and training on entrepreneurship and sustainable farming techniques. Community organising could further empower young farmers. Finally, continued collaboration with national and international food networks would help strengthen such initiatives.

    Tinashe P. Kanosvamhira does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Urban food gardens produce more than vegetables, they create bonds for young Capetonians – study – https://theconversation.com/urban-food-gardens-produce-more-than-vegetables-they-create-bonds-for-young-capetonians-study-243500

    MIL OSI – Global Reports –

  • MIL-OSI China: China’s foreign investment, cooperation remain stable in 2024: official

    Source: People’s Republic of China – State Council News

    BEIJING, Jan. 26 — China’s foreign investment and cooperation saw steady growth in 2024, an official with the Ministry of Commerce (MOC) said Sunday.

    The country’s non-financial outbound direct investment rose 10.5 percent year on year to 143.85 billion U.S. dollars last year, with investments in the Association of Southeast Asian Nations (ASEAN) countries increasing by 12.6 percent year on year, according to the official.

    Investments in leasing, business services, manufacturing, and wholesale and retail sectors drove the growth. The turnover of China’s foreign contracted projects totaled 165.97 billion U.S. dollars in 2024, an increase of 3.1 percent year on year, the official said.

    In 2024, the number of workers dispatched abroad reached 409,000, a 17.9 percent increase year on year, with a total of 594,000 Chinese workers employed overseas by the end of the year.

    Non-financial investment in countries along the Belt and Road increased by 5.4 percent year on year to 33.69 billion U.S. dollars last year, MOC data showed.

    MIL OSI China News –

  • MIL-OSI Africa: Secretary-General’s message on the International Day of Clean Energy [scroll down for French version]

    Source: United Nations – English

    his year, renewables are projected to become the world’s largest source of electricity generation for the first time.  Meanwhile, their prices keep plummeting.  

    On the International Day of Clean Energy, we celebrate this revolution. But we also recognise the challenges ahead.

    The end of the fossil fuel age is certain. But governments must ensure that it comes swiftly and fairly.  This is crucial to save us from the worst of the climate crisis, and to connect every person to clean energy – lifting millions out of poverty.

    This year offers an unparalleled opportunity for countries to align their climate ambitions with their national energy and development strategies. All countries have committed to produce new national climate action plans aligned with limiting global temperature rise to 1.5 degrees Celsius.  They must deliver with plans that cover all greenhouse gases and sectors; map a just fossil fuel phase-out; and contribute to the global goal to triple renewables capacity by 2030. 

    The G20 have the largest capacities and responsibilities – they must lead. All this must be achieved in line with the principle of common but differentiated responsibilities. But all countries must do more. 

    We also need action to get finance flowing to the renewables revolution in emerging markets and developing economies. That includes increasing the lending capacity of Multilateral Development Banks, tackling the high cost of capital, and taking effective action on debt.

    On the International Day of Clean Energy, let’s commit to an international era of clean energy with speed, justice, and collaboration at its core.

    ***

    Cette année, pour la première fois, les sources d’énergie renouvelables devraient devenir la plus grande source de production d’électricité au monde, et leur prix ne cesse de baisser.

    En cette Journée internationale des énergies propres, nous célébrons cette révolution, tout en étant conscients des défis qui nous attendent.

    Il est certain que l’ère des combustibles fossiles va prendre fin. Mais les gouvernements doivent veiller à ce que cette fin arrive rapidement et qu’elle soit juste. Ceci est essentiel pour nous protéger des pires conséquences de la crise climatique et donner à chacun et à chacune les moyens d’accéder à une énergie propre – sortant des millions de personnes de la pauvreté.

    Cette année offre aux pays une occasion unique d’intégrer leurs ambitions climatiques dans leurs stratégies nationales en matière d’énergie et de développement. Tous les pays se sont engagés à élaborer de nouveaux plans d’action nationaux pour le climat qui soient compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius. Ils doivent présenter des plans qui couvrent tous les gaz à effet de serre et tous les secteurs, organiser un abandon progressif et juste des combustibles fossiles et contribuer à l’objectif mondial de tripler la capacité en sources d’énergie renouvelables d’ici à 2030.

    Le Groupe des 20 a les plus grandes capacités et les plus importantes responsabilités en la matière : il doit jouer le rôle de chef de file. Tout ceci doit être réalisé conformément au principe des responsabilités communes mais différenciées. Cependant, tous les pays doivent en faire davantage.

    Il faut également faire le nécessaire pour assurer le financement de la révolution des sources d’énergie renouvelables dans les économies émergentes et les économies en développement. Il s’agit notamment d’accroître la capacité de prêt des banques multilatérales de développement, de s’attaquer au coût élevé du capital et de prendre des mesures efficaces pour agir sur la dette.

    En cette Journée internationale des énergies propres, engageons-nous à favoriser l’avènement dans le monde entier d’une ère des énergies propres, avec en son cœur la rapidité, la justice et la collaboration.
     

    MIL OSI Africa –

  • MIL-OSI United Nations: Secretary-General’s message on the International Day of Clean Energy [scroll down for French version]

    Source: United Nations secretary general

    This year, renewables are projected to become the world’s largest source of electricity generation for the first time.  Meanwhile, their prices keep plummeting.  

    On the International Day of Clean Energy, we celebrate this revolution. But we also recognise the challenges ahead.

    The end of the fossil fuel age is certain. But governments must ensure that it comes swiftly and fairly.  This is crucial to save us from the worst of the climate crisis, and to connect every person to clean energy – lifting millions out of poverty.

    This year offers an unparalleled opportunity for countries to align their climate ambitions with their national energy and development strategies. All countries have committed to produce new national climate action plans aligned with limiting global temperature rise to 1.5 degrees Celsius.  They must deliver with plans that cover all greenhouse gases and sectors; map a just fossil fuel phase-out; and contribute to the global goal to triple renewables capacity by 2030. 

    The G20 have the largest capacities and responsibilities – they must lead. All this must be achieved in line with the principle of common but differentiated responsibilities. But all countries must do more. 

    We also need action to get finance flowing to the renewables revolution in emerging markets and developing economies. That includes increasing the lending capacity of Multilateral Development Banks, tackling the high cost of capital, and taking effective action on debt.

    On the International Day of Clean Energy, let’s commit to an international era of clean energy with speed, justice, and collaboration at its core.

    ***

    Cette année, pour la première fois, les sources d’énergie renouvelables devraient devenir la plus grande source de production d’électricité au monde, et leur prix ne cesse de baisser.

    En cette Journée internationale des énergies propres, nous célébrons cette révolution, tout en étant conscients des défis qui nous attendent.

    Il est certain que l’ère des combustibles fossiles va prendre fin. Mais les gouvernements doivent veiller à ce que cette fin arrive rapidement et qu’elle soit juste. Ceci est essentiel pour nous protéger des pires conséquences de la crise climatique et donner à chacun et à chacune les moyens d’accéder à une énergie propre – sortant des millions de personnes de la pauvreté.

    Cette année offre aux pays une occasion unique d’intégrer leurs ambitions climatiques dans leurs stratégies nationales en matière d’énergie et de développement. Tous les pays se sont engagés à élaborer de nouveaux plans d’action nationaux pour le climat qui soient compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius. Ils doivent présenter des plans qui couvrent tous les gaz à effet de serre et tous les secteurs, organiser un abandon progressif et juste des combustibles fossiles et contribuer à l’objectif mondial de tripler la capacité en sources d’énergie renouvelables d’ici à 2030.

    Le Groupe des 20 a les plus grandes capacités et les plus importantes responsabilités en la matière : il doit jouer le rôle de chef de file. Tout ceci doit être réalisé conformément au principe des responsabilités communes mais différenciées. Cependant, tous les pays doivent en faire davantage.

    Il faut également faire le nécessaire pour assurer le financement de la révolution des sources d’énergie renouvelables dans les économies émergentes et les économies en développement. Il s’agit notamment d’accroître la capacité de prêt des banques multilatérales de développement, de s’attaquer au coût élevé du capital et de prendre des mesures efficaces pour agir sur la dette.

    En cette Journée internationale des énergies propres, engageons-nous à favoriser l’avènement dans le monde entier d’une ère des énergies propres, avec en son cœur la rapidité, la justice et la collaboration.
     

    MIL OSI United Nations News –

  • MIL-OSI China: Announcement on Open Market Operations No.19 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.19 [2025]

    (Open Market Operations Office, January 26, 2025)

    In order to keep liquidity adequate before the Spring Festival, the People’s Bank of China conducted reverse repo operations in the amount of RMB151 billion through quantity bidding at a fixed interest rate on January 26, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    14 days

    RMB151 billion

    1.65%

    Date of last update Nov. 29 2018

    2025年01月26日

    MIL OSI China News –

  • MIL-OSI: Infinera Corporation Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) today released financial results for its third quarter ended September 28, 2024.

    GAAP revenue for the quarter was $354.4 million compared to $342.7 million in the second quarter of 2024 and $392.4 million in the third quarter of 2023.

    GAAP gross margin for the quarter was 39.8% compared to 39.6% in the second quarter of 2024 and 40.3% in the third quarter of 2023. GAAP operating margin for the quarter was (3.1)% compared to (8.7)% in the second quarter of 2024 and 2.0% in the third quarter of 2023.

    GAAP net loss for the quarter was $(14.3) million, or $(0.06) per diluted share, compared to net loss of $(48.3) million, or $(0.21) per diluted share, in the second quarter of 2024, and net loss of $(9.4) million, or $(0.04) per diluted share, in the third quarter of 2023.

    Non-GAAP gross margin for the quarter was 40.4% compared to 40.3% in the second quarter of 2024 and 41.9% in the third quarter of 2023. Non-GAAP operating margin for the quarter was 3.5% compared to (1.3)% in the second quarter of 2024 and 7.7% in the third quarter of 2023.

    Non-GAAP net income for the quarter was $0.3 million, or $0.00 per diluted share, compared to non-GAAP net loss of $(14.0) million, or $(0.06) per diluted share, in the second quarter of 2024, and non-GAAP net income of $19.9 million, or $0.08 per diluted share, in the third quarter of 2023.

    During the three-months ended September 28, 2024, the Company generated positive cash flow from operations of $44.5 million and ended the quarter with cash, cash equivalents and restricted cash of $115.6 million.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard said “Our team delivered another quarter with continued sequential improvements in our financial metrics and critical service provider and webscaler design wins across our ICE-X coherent pluggables, next-generation line systems, software, and ICE7 solutions. In addition, in October we signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for an award under the CHIPS and Science Act that, together with other federal and state incentives, could result in more than $200 million in funds for Infinera.”

    “Looking ahead, our customers remain excited about our pending acquisition by Nokia as they look forward to the combined company accelerating the pace of innovation in the industry. We are making good progress on the steps required to close the transaction, including receiving stockholder approval and attaining U.S. antitrust and CFIUS approval. There are still other regulatory approvals pending, but we believe we remain on track to close the deal in the first half of 2025,” continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. The transaction is expected to close in the first half of 2025.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Third Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera’s third quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

    Contacts:

    Media:
    Anna Vue
    Tel. +1 (916) 595-8157
    avue@infinera.com

    Investors:
    Amitabh Passi, Head of Investor Relations
    Tel. +1 (669) 295-1489
    apassi@infinera.com 

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in government funding; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its recently disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 30, 2023, filed with the SEC on May 17, 2024, and its Quarterly Report on Form 10-Q for the quarter ended June 29, 2024, as filed with the SEC on August 2, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

    Infinera Corporation
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Revenue:              
    Product $ 276,214     $ 316,613     $ 778,008     $ 931,057  
    Services   78,184       75,756       226,051       229,615  
    Total revenue   354,398       392,369       1,004,059       1,160,672  
    Cost of revenue:              
    Cost of product   170,693       190,312       494,248       577,152  
    Cost of services   42,515       40,209       121,910       124,889  
    Amortization of intangible assets   —       3,528       —       10,621  
    Restructuring and other related costs   (24 )     —       652       —  
    Total cost of revenue   213,184       234,049       616,810       712,662  
    Gross profit   141,214       158,320       387,249       448,010  
    Operating expenses:              
    Research and development   73,283       76,846       225,223       237,234  
    Sales and marketing   35,715       41,075       118,357       124,406  
    General and administrative   34,160       29,368       101,114       89,762  
    Amortization of intangible assets   2,257       2,976       6,769       10,088  
    Merger-related charges   6,954       —       15,471       —  
    Restructuring and other related costs   (157 )     400       4,105       2,621  
    Total operating expenses   152,212       150,665       471,039       464,111  
    Income (loss) from operations   (10,998 )     7,655       (83,790 )     (16,101 )
    Other income (expense), net:              
    Interest income   874       546       2,789       1,734  
    Interest expense   (8,764 )     (7,608 )     (25,556 )     (21,795 )
    Other gain (loss), net   8,485       (7,540 )     (8,910 )     10,586  
    Total other income (expense), net   595       (14,602 )     (31,677 )     (9,475 )
    Loss before income taxes   (10,403 )     (6,947 )     (115,467 )     (25,576 )
    Provision for income taxes   3,910       2,466       8,528       12,510  
    Net loss $ (14,313 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Net loss per common share:              
    Basic $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Weighted average shares used in computing net loss per common share:              
    Basic   235,832       228,077       233,905       225,465  
    Diluted   235,832       228,077       233,905       225,465  
     

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands, except percentages)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024          		   June 29,
    2024          		   September
    30, 2023    		   September 
    28, 2024    		   September 
    30, 2023
    Reconciliation of Gross Profit and Gross Margin:                                      
    GAAP as reported $ 141,214     39.8 %   $ 135,594     39.6 %   $ 158,320   40.3 %   $ 387,249     38.6 %   $ 448,010     38.6 %
    Stock-based compensation expense(1)   2,084     0.6 %     1,777     0.5 %     2,515   0.7 %     5,754     0.5 %     7,672     0.7 %
    Amortization of acquired intangible assets(2)   —     — %     —     — %     3,528   0.9 %     —     — %     10,621     0.9 %
    Restructuring and other related costs(3)   (24 )   (0.0) %     703     0.2 %     —         652     0.1 %     —     — %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Non-GAAP as adjusted $ 143,274     40.4 %   $ 138,074     40.3 %   $ 164,363   41.9 %   $ 393,655     39.2 %   $ 464,318     40.0 %
                                           
    Reconciliation of Operating Expenses:                                      
    GAAP as reported $ 152,212         $ 165,403         $ 150,665       $ 471,039         $ 464,111      
    Stock-based compensation expense(1)   12,305           8,024           13,230         32,967           41,721      
    Amortization of acquired intangible assets(2)   2,257           2,256           2,976         6,769           10,088      
    Restructuring and other related costs(3)   (157 )         3,948           400         4,105           2,621      
    Merger-related charges(5)   6,954           8,517           —         15,471           —      
    Non-GAAP as adjusted $ 130,853         $ 142,658         $ 134,059       $ 411,727         $ 409,681      
                                           
    Reconciliation of Income (Loss) from Operations and Operating Margin:                                      
    GAAP as reported $ (10,998 )   (3.1) %   $ (29,809 )   (8.7) %   $ 7,655   2.0 %   $ (83,790 )   (8.3) %   $ (16,101 )   (1.4) %
    Stock-based compensation expense(1)   14,389     4.1 %     9,801     2.8 %     15,745   3.9 %     38,721     3.8 %     49,393     4.3 %
    Amortization of acquired intangible assets(2)   2,257     0.6 %     2,256     0.7 %     6,504   1.7 %     6,769     0.7 %     20,709     1.8 %
    Restructuring and other related costs(3)   (181 )   (0.1) %     4,651     1.4 %     400   0.1 %     4,757     0.5 %     2,621     0.2 %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Merger-related charges(5)   6,954     2.0 %     8,517     2.5 %     —   — %     15,471     1.5 %     —     — %
    Non-GAAP as adjusted $ 12,421     3.5 %   $ (4,584 )   (1.3) %   $ 30,304   7.7 %   $ (18,072 )   (1.8) %   $ 54,637     4.7 %
     
        Three months ended   Nine months ended
        September
    28, 2024    		       June
    29, 2024    		       September
    30, 2023    		       September
    28, 2024    		       September
    30, 2023
    Reconciliation of Net Income (Loss):                                    
    GAAP as reported   $ (14,313 )       $ (48,287 )       $ (9,413 )       $ (123,995 )       $ (38,086 )
    Stock-based compensation expense(1)     14,389           9,801           15,745           38,721           49,393  
    Amortization of acquired intangible assets(2)     2,257           2,256           6,504           6,769           20,709  
    Restructuring and other related costs(3)     (181 )         4,651           400           4,757           2,621  
    Warehouse fire recovery(4)     —           —           —           —           (1,985 )
    Merger-related charges(5)     6,954           8,517           —           15,471           —  
    Foreign exchange (gains) losses, net(6)     (8,039 )         11,690           7,527           10,099           (9,903 )
    Income tax effects(7)     (788 )         (2,604 )         (894 )         (3,775 )         2,072  
    Non-GAAP as adjusted   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
                                         
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(8)     235,832           234,349           228,077           233,905           225,465  
                                         
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(9)     240,502           234,349           257,219           233,905           228,735  
                                         
    Reconciliation of Adjusted EBITDA (10):                                    
    Non-GAAP net income (loss)   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
    Add: Interest expense, net     7,890           7,370           7,062           22,767           20,061  
    Less: Other gain (loss), net     446           507           (13 )         1,189           683  
    Add: Income tax effects     4,698           2,529           3,360           12,303           10,438  
    Add: Depreciation     13,501           13,285           13,498           39,975           38,694  
    Non-GAAP as adjusted   $ 25,922         $ 8,701         $ 43,802         $ 21,903         $ 93,331  
                                         
    Net Income (Loss) per Common Share: GAAP                                    
    Basic   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
    Diluted(8)   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
                                         
    Net Income (Loss) per Common Share: Non-GAAP                                    
    Basic   $ 0.00         $ (0.06 )       $ 0.09         $ (0.22 )       $ 0.11  
    Diluted(9)   $ 0.00         $ (0.06 )       $ 0.08         $ (0.22 )       $ 0.11  
     
    (1)  Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):
     
          Three months ended   Nine months ended
          September 28,
    2024    		   June 29,
    2024    		   September 30,
    2023    		   September 28,
    2024    		   September 30,
    2023
    Cost of revenue   $ 2,084   $ 1,777   $ 2,515   $ 5,754   $ 7,672  
    Research and development     4,623     4,497     5,734     14,232     17,557  
    Sales and marketing     3,241     2,611     3,706     9,139     11,371  
    General and administration     4,441     916     3,790     9,596     12,793  
    Total operating expenses     12,305     8,024     13,230     32,967     41,721  
      Total stock-based compensation expense   $ 14,389   $ 9,801   $ 15,745   $ 38,721   $ 49,393  
     
    (2) Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (3) Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (4) Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (5) Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.
    (6) Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (7) The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.
    (8) The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.
     

    For purposes of calculating GAAP diluted earnings per share, we used the following net loss and weighted average common shares outstanding (in thousands, except per share data):

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    GAAP net loss for basic earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Interest expense related to the convertible senior notes, net of tax     —       —       —       —       —  
    GAAP net loss for diluted earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
                         
    Weighted average basic common shares outstanding     235,832       234,349       228,077       233,905       225,465  
    Dilutive effect of restricted and performance share units     —       —       —       —       —  
    Dilutive effect of 2024 convertible senior notes(a)     —       —       —       —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —       —       —       —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —       —       —       —       —  
    Weighted average dilutive common shares outstanding     235,832       234,349       228,077       233,905       225,465  
                         
    GAAP net loss per common share:                    
    Basic   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
                                                 
      (a)    For the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 1.4 million, 1.9 million and 1.9 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 28, 2024, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 30, 2023, there were 1.2 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
    (9) The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.
       

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

            Three months ended   Nine months ended
            September 28, 2024   June 29, 2024   September 30, 2023   September 28, 2024   September 30, 2023
    Non-GAAP net income (loss) for basic earnings per share   $ 279   $ (13,976 )   $ 19,869   $ (51,953 )   $ 24,821  
    Interest expense related to the convertible senior notes, net of tax     —     —       1,359     —       —  
    Non-GAAP net income (loss) for diluted earnings per share   $ 279   $ (13,976 )   $ 21,228   $ (51,953 )   $ 24,821  
                             
    Weighted average basic common shares outstanding     235,832     234,349       228,077     233,905       225,465  
    Dilutive effect of restricted and performance share units     4,670     —       1,123     —       2,005  
    Dilutive effect of employee stock purchase plan     —     —       —     —       70  
    Dilutive effect of 2024 convertible senior notes(a)     —     —       1,899     —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —     —       26,120     —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —     —       —     —       1,195  
    Weighted average dilutive common shares outstanding     240,502     234,349       257,219     233,905       228,735  
                             
    Non-GAAP net income (loss) per common share:                    
    Basic   $ 0.00   $ (0.06 )   $ 0.09   $ (0.22 )   $ 0.11  
    Diluted   $ 0.00   $ (0.06 )   $ 0.08   $ (0.22 )   $ 0.11  
                                             
      (a)    For the three-months ended September 28, 2024, and June 29, 2024, there were 1.4 million, and 1.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, and June 29, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share.
    (10) Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.
       

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands)
    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Net cash provided by (used in) operating activities   $ 44,563     $ (59,954 )   $ (29,793 )   $ 8,635     $ (30,142 )
    Purchase of property and equipment     (24,090 )     (14,582 )     (13,318 )     (46,748 )     (40,900 )
    Free cash flow   $ 20,473     $ (74,536 )   $ (43,111 )   $ (38,113 )   $ (71,042 )
     

    Infinera Corporation
    Condensed Consolidated Balance Sheets
    (In thousands, except par values)
    (Unaudited)

      September 28,
    2024    		   December 30,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 115,089     $ 172,505  
    Short-term restricted cash   42       517  
    Accounts receivable, net   288,265       381,981  
    Inventory   356,119       431,163  
    Prepaid expenses and other current assets   162,560       129,218  
    Total current assets   922,075       1,115,384  
    Property, plant and equipment, net   231,190       206,997  
    Operating lease right-of-use assets   39,359       39,973  
    Intangible assets, net   18,050       24,819  
    Goodwill   237,509       240,566  
    Long-term restricted cash   446       837  
    Other long-term assets   57,128       50,662  
    Total assets $ 1,505,757     $ 1,679,238  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 259,225     $ 299,005  
    Accrued expenses and other current liabilities   137,078       110,758  
    Accrued compensation and related benefits   48,683       85,203  
    Short-term debt, net   10,473       25,512  
    Accrued warranty   12,635       17,266  
    Deferred revenue   116,332       136,248  
    Total current liabilities   584,426       673,992  
    Long-term debt, net   667,205       658,756  
    Long-term accrued warranty   12,554       15,934  
    Long-term deferred revenue   21,626       21,332  
    Long-term deferred tax liability   1,770       1,805  
    Long-term operating lease liabilities   44,563       47,464  
    Other long-term liabilities   39,767       43,364  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value
    Authorized shares – 25,000 and no shares issued and outstanding    		   —       —  
    Common stock, $0.001 par value
    Authorized shares – 500,000 as of September 28, 2024 and December 30, 2023   
    Issued and outstanding shares – 236,296 as of September 28, 2024 and 230,994 as of December 30, 2023    		   236       231  
    Additional paid-in capital   2,012,820       1,976,014  
    Accumulated other comprehensive loss   (30,409 )     (34,848 )
    Accumulated deficit   (1,848,801 )     (1,724,806 )
    Total stockholders’ equity   133,846       216,591  
    Total liabilities and stockholders’ equity $ 1,505,757     $ 1,679,238  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Cash Flows from Operating Activities:      
    Net loss $ (123,995 )   $ (38,086 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
    Depreciation and amortization   46,744       59,403  
    Non-cash restructuring charges and other related costs   32       1,183  
    Amortization of debt issuance costs and discount   2,750       2,970  
    Operating lease expense   6,905       6,402  
    Stock-based compensation expense   38,721       49,393  
    Other, net   139       (683 )
    Changes in assets and liabilities:      
    Accounts receivable   92,364       89,248  
    Inventory   74,527       (82,983 )
    Prepaid expenses and other current assets   (48,141 )     16,811  
    Accounts payable   (57,127 )     (27,798 )
    Accrued expenses and other current liabilities   (5,386 )     (46,163 )
    Deferred revenue   (18,898 )     (59,839 )
    Net cash provided by (used in) operating activities   8,635       (30,142 )
    Cash Flows from Investing Activities:      
    Purchase of property and equipment   (46,748 )     (40,900 )
    Net cash used in investing activities   (46,748 )     (40,900 )
    Cash Flows from Financing Activities:      
    Proceeds from issuance of 2028 Notes, net of discount   —       98,751  
    Repayment of 2024 Notes   (18,747 )     (83,446 )
    Payment of debt issuance cost   —       (2,108 )
    Proceeds from asset-based revolving credit facility   50,000       —  
    Repayment of asset-based revolving credit facility   (40,000 )     —  
    Repayment of mortgage payable   (354 )     (381 )
    Principal payments on finance lease obligations   (469 )     (784 )
    Payment of term license obligation   (7,882 )     (7,720 )
    Proceeds from issuance of common stock   5       14,931  
    Tax withholding paid on behalf of employees for net share settlement   (1,860 )     (2,217 )
    Net cash (used in) provided by financing activities   (19,307 )     17,026  
    Effect of exchange rate changes on cash   (862 )     (8,551 )
    Net change in cash, cash equivalents and restricted cash   (58,282 )     (62,567 )
    Cash, cash equivalents and restricted cash at beginning of period   173,859       189,203  
    Cash, cash equivalents and restricted cash at end of period(1) $ 115,577     $ 126,636  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Supplemental disclosures of cash flow information:      
    Cash paid for income taxes, net $ 18,205   $ 9,955  
    Cash paid for interest $ 25,967   $ 21,579  
    Supplemental schedule of non-cash investing and financing activities:      
    Property and equipment included in accounts payable and accrued liabilities $ 26,779   $ 18,529  
    Transfer of inventory to fixed assets $ —   $ 1,207  
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) $ 16,380   $ 16,510  
                 
                 

    (1) Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):

      September 28,
    2024    		   September 30,
    2023
    Cash and cash equivalents $ 115,089   $ 123,927  
    Short-term restricted cash   42     1,725  
    Long-term restricted cash   446     984  
    Total cash, cash equivalents and restricted cash $ 115,577   $ 126,636  
     

    Infinera Corporation
    Supplemental Financial Information
    (Unaudited)

          Q4’22   Q1’23   Q2’23   Q3’23   Q4’23   Q1’24   Q2’24   Q3’24
    GAAP Revenue $(Mil)   $ 485.9     $ 392.1     $ 376.2     $ 392.4     $ 453.5     $ 306.9     $ 342.7     $ 354.4  
    GAAP Gross Margin %     37.1 %     37.5 %     38.0 %     40.3 %     38.6 %     36.0 %     39.6 %     39.8 %
      Non-GAAP Gross Margin %(1)     38.7 %     38.8 %     39.3 %     41.9 %     39.6 %     36.6 %     40.3 %     40.4 %
    GAAP Revenue Composition:                                
    Domestic %     61 %     60 %     58 %     59 %     68 %     54 %     58 %     60 %
    International %     39 %     40 %     42 %     41 %     32 %     46 %     42 %     40 %
    Customers >10% of Revenue     1       —       1       1       1       —       —       2  
    Cash Related Information:                                
    Cash from Operations $(Mil)   $ (0.6 )   $ (1.8 )   $ 1.4     $ (29.7 )   $ 79.6     $ 24.0     $ (59.9 )   $ 44.5  
    Capital Expenditures $(Mil)   $ 8.3     $ 16.8     $ 10.8     $ 13.3     $ 21.4     $ 8.1     $ 14.6     $ 24.0  
    Depreciation & Amortization $(Mil)   $ 19.8     $ 19.6     $ 19.8     $ 20.0     $ 19.4     $ 15.4     $ 15.6     $ 15.7  
    DSOs(2)     79       78       79       76       77       79       76       74  
    Inventory Metrics:                                
    Raw Materials $(Mil)   $ 48.7     $ 67.6     $ 85.4     $ 110.4     $ 133.6     $ 132.5     $ 119.4     $ 105.2  
    Work in Process $(Mil)   $ 66.6     $ 71.8     $ 71.9     $ 69.9     $ 68.4     $ 68.6     $ 68.7     $ 67.6  
    Finished Goods $(Mil)   $ 259.6     $ 273.6     $ 270.1     $ 276.6     $ 229.2     $ 219.6     $ 196.1     $ 183.3  
    Total Inventory $(Mil)   $ 374.9     $ 413.0     $ 427.4     $ 456.9     $ 431.2     $ 420.7     $ 384.2     $ 356.1  
    Inventory Turns(3)     3.4       2.4       2.2       2.1       2.5       1.8       2.0       2.3  
    Worldwide Headcount     3,267       3,351       3,365       3,369       3,389       3,323       3,334       3,340  
    Weighted Average Shares Outstanding (in thousands):                                
    Basic     219,921       222,393       225,922       228,077       230,509       231,533       234,349       235,832  
    Diluted     258,030       265,921       262,712       257,219       259,210       260,980       265,591       267,999  
       
    (1) Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.
    (2) Infinera calculates DSO based on 91 days. Fiscal year 2022 was 53 weeks and the fourth quarter of fiscal year 2022 was 98 days. When calculation is based on 98 days, DSO was 85 days for the fourth quarter of fiscal year 2022.
    (3) Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.
       

    The MIL Network –

  • MIL-OSI: Carlyle Secured Lending, Inc. Announces Financial Results For Third Quarter Ended 2024, Declares Fourth Quarter 2024 Dividends of $0.45 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its third quarter ended September 30, 2024. Justin Plouffe, CGBD’s Chief Executive Officer said, “We delivered consistent performance in the third quarter of 2024, capitalizing on increased new deal activity and the strength of our existing portfolio companies. With another strong quarter of originations, we benefited from access to the broader Carlyle Global Credit Platform, as we supplemented our core cash flow strategy with differentiated deal flow and specialty lending capabilities. We remain disciplined in our investment and portfolio management approach and are committed to executing on our strategy of providing investors with resilient, stable cash flows and principal protection.”

    Net investment income for the third quarter of 2024 was $0.47 per common share with Adjusted Net Investment Income Per Share(1) of $0.49 after adjusting for the acceleration of debt issuance costs relating to the 2015-1R CLO Reset (as defined below), net of incentive fees. Net asset value per common share decreased by 0.6% for the third quarter to $16.85 from $16.95 as of June 30, 2024. The total fair value of our investments was $1.7 billion as of September 30, 2024.

    Dividends

    On November 4, 2024, the Board of Directors declared a base quarterly common dividend of $0.40 per share plus a supplemental common dividend of $0.05 per share. The dividends are payable on January 17, 2025 to common stockholders of record on December 31, 2024.

    On September 26, 2024, the Company declared a cash dividend on the Preferred Stock for the period from July 1, 2024 to September 30, 2024 in the amount of $0.438 per Preferred Share to the holder of record on September 30, 2024.

    Conference Call

    The Company will host a conference call at 11:00 a.m. Eastern Time on Wednesday, November 6, 2024 to discuss these quarterly financial results. The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website and will also be available on our website soon after the call’s completion.

    Non-GAAP Financial Measures

    On a supplemental basis, the Company is disclosing Adjusted Net Income Per Share, which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). The Company’s management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to one-time or non-recurring investment income and expense events, including the effect on incentive fees. The presentation of this non-GAAP measure is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

    The Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not had similar one-time or non-recurring events. The Company’s management believes “Adjusted Net Investment Income Per Share” is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to one-time or non-recurring events and are used by management to evaluate the economic earnings of the Company.

    The following details the one-time or non-recurring events considered as part of the non-GAAP measure. The non-GAAP measure is reflected net of any incentive fee impacts, as applicable.   

    • On July 2, 2024, Carlyle Direct Lending CLO 2015-1R LLC, a wholly-owned and consolidated subsidiary of the Company, completed the refinancing of its outstanding notes by redeeming the notes in full and issuing new notes and loans (the “2015-1R CLO Reset”). Refer to Note 8, Borrowings, in the Company’s Form 10-Q for the Quarterly Period ended September 30, 2024 for more information on the refinancing. In connection with the refinancing, the debt issuance costs were accelerated in accordance with GAAP.

    Carlyle Secured Lending, Inc.

    CGBD is an externally managed specialty finance company focused on lending to middle-market companies. CGBD is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through September 30, 2024, CGBD has invested approximately $8.5 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CGBD’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CGBD has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

    Web: carlylesecuredlending.com

    About Carlyle   

    Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 employees in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

    Contacts:

    Investors: Media:
    Nishil Mehta Kristen Greco Ashton
    +1-212-813-4928
    publicinvestor@carlylesecuredlending.com    		 +1-212-813-4763
    kristen.ashton@carlyle.com

    The MIL Network –

  • MIL-OSI: H&R Block to Participate in the Northcoast Research 2024 Management Fall Forum

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Nov. 05, 2024 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) today announced that Jeff Jones, President and Chief Executive Officer, and Tiffany Mason, Chief Financial Officer, will host virtual investor meetings at the Northcoast Research 2024 Management Fall Forum on Tuesday, November 12, 2024.

    To request a meeting, please contact your Northcoast Research salesperson.

    About H&R Block
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    For Further Information

    The MIL Network –

  • MIL-OSI: Devon Energy Reports Third-Quarter 2024 Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Nov. 05, 2024 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the third-quarter 2024. The company also declared its quarterly dividend and provided an updated 2024 outlook. Devon’s earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com.

    The company’s third-quarter conference call will be held at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, Nov. 6, 2024, and will serve primarily as a forum for analyst and investor questions and answers.

    ABOUT DEVON ENERGY

    Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

    Investor Contacts
    Rosy Zuklic, 405-552-7802
    Chris Carr, 405-228-2496    		            Media Contact
    Michelle Hindmarch, 405-552-7460
         

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

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.

    For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter.   Production in Key Tronic’s Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.  

    The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.

    Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024.   Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity,” said Brett Larsen, President and CEO. “The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off.   We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability.”  

    “During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control.   We believe we are well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the first quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    Net sales $ 131,558     $ 150,112  
    Cost of sales   118,255       139,250  
    Gross profit   13,303       10,862  
    Research, development and engineering expenses   2,289       2,241  
    Selling, general and administrative expenses   6,570       5,784  
    Gain on insurance proceeds, net of losses   —       (431 )
    Total operating expenses   8,859       7,594  
    Operating income   4,444       3,268  
    Interest expense, net   3,263       3,011  
    Income before income taxes   1,181       257  
    Income tax (benefit) provision   57       (78 )
    Net income $ 1,124     $ 335  
    Net income per share — Basic $ 0.10     $ 0.03  
    Weighted average shares outstanding — Basic   10,762       10,762  
    Net income per share — Diluted $ 0.10     $ 0.03  
    Weighted average shares outstanding — Diluted   10,762       11,003  
     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        September 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 6,555     $ 4,752  
    Trade receivables, net of credit losses of $3,129 and $2,918     133,984       132,559  
    Contract assets     23,626       21,250  
    Inventories, net     95,845       105,099  
    Other, net of credit losses of $1,642 and $1,679     28,273       24,739  
    Total current assets     288,283       288,399  
    Property, plant and equipment, net     27,910       28,806  
    Operating lease right-of-use assets, net     14,612       15,416  
    Other assets:        
    Deferred income tax asset     18,394       17,376  
    Other     6,735       5,346  
    Total other assets     25,129       22,722  
    Total assets   $ 355,934     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 83,768     $ 79,394  
    Accrued compensation and vacation     6,870       6,510  
    Current portion of long-term debt     3,057       3,123  
    Other     18,450       15,149  
    Total current liabilities     112,145       104,176  
    Long-term liabilities:        
    Long-term debt, net     109,675       116,383  
    Operating lease liabilities     9,573       10,312  
    Deferred income tax liability     74       263  
    Other long-term obligations     124       219  
    Total long-term liabilities     119,446       127,177  
    Total liabilities     231,591       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,351       47,284  
    Retained earnings     78,045       76,921  
    Accumulated other comprehensive income (loss)     (1,053 )     (215 )
    Total shareholders’ equity     124,343       123,990  
    Total liabilities and shareholders’ equity   $ 355,934     $ 355,343  
             
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    GAAP net income $ 1,124     $ 335  
    Gain on insurance proceeds (net of losses)   —       (431 )
    Stock-based compensation expense   67       59  
    Income tax effect of non-GAAP adjustments (1)   (13 )     74  
    Adjusted net income: $ 1,178     $ 37  
           
    Adjusted net income per share — non-GAAP Diluted $ 0.11     $ 0.00  
    Weighted average shares outstanding — Diluted   10,762       11,003  
           
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.
             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: Wilmington Announces 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported net income for the three months ended September 30, 2024, of $0.05 million or $0.00 per share and net income for the nine months ended September 30, 2024 of $1.2 million or $0.09 per share, compared to net income of $2.4 million or $0.19 per share and $2.5 million and $0.20 per share for the same periods in 2023.

    A summary of the Corporation’s activities is set out below:

    Overview
    During the past 15 months the Corporation has monetized several of its investments in order to unlock the embedded value, which had been substantially realized, simplify its business, return capital to its shareholders and pursue transactions better suited to creating value and liquidity for shareholders.

    On May 7, 2024, the Corporation paid a special dividend and a return of capital distribution totaling $2.75 per Class A and Class B share, or $33.9 million. Class A shareholders received $1.25 per Class A share as a return of capital and $1.50 as an eligible dividend. Class B shareholders received $1.12 per Class B share as a return of capital and $1.63 as an eligible dividend.

    On August 7, 2024, the Shareholders of the Corporation approved the disposition of all or substantially all of the assets of the Corporation. The Corporation completed the sale of the assets of Bow City 2 Limited Partnership (“Bow City Seton”), a wholly owned subsidiary of the Corporation on August 30, 2024. The assets were sold on a cost recovery basis. On November 1, 2024, the Corporation completed the sale of its interest in the Sunchaser RV Resorts Limited Partnership (“Sunchaser Partnership”) for proceeds of $ 4.7 million. The Corporation is evaluating options to sell its 18.2% interest in the Bay Moorings Partnership, which is its remaining asset. The Bay Moorings Partnership is reviewing various options to repay advances made by the Corporation. The Corporation estimates that the sale of its interest in the Bay Moorings Partnership together with the repayment of advances will generate proceeds of approximately $5.5 million.

    Outlook
    The Corporation has taken great strides to reassess its business opportunities in the context of a changing economic environment, simplify its business, and reward shareholders for their support through the payment of dividends and return of capital. As at November 5, 2024, and taking into account the sale of the Corporation’s investment in the Sunchaser Partnership, the Corporation had cash on hand of approximately $32 million. At the completion of monetizing its remaining investments, the Corporation expects to have cash on hand, net of liabilities, of $35 million. The Corporation is actively seeking out opportunities to scale its public platform through transactions which will create value and liquidity for shareholders.  

    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
     
    (unaudited) Three months ended
    September 30    		   Nine months ended
    September 30,    		  
    ($ thousands, except per share amounts) 2024   2023   2024   2023  
    Revenues        
    Management fee revenue 240   305   640   640  
    Interest, distributions and other income 315   1,022   1,401   2,660  
      555   1,327   2,041   3,300  
    Expenses        
    General and administrative (440 ) (423 ) (1,887 ) (1,331 )
    Amortization (7 ) (7 ) (21 ) (21 )
    Finance costs (1 ) (2 ) (4 ) (5 )
    Stock-based compensation —   (23 ) (18 ) (94 )
      (448 ) (455 ) (1,930 ) (1,451 )
    Fair value adjustments and other activities        
    Fair value changes to investments (30 ) 1,700   164   1,180  
    Gain from dispositions —   —   947   —  
    Equity accounted income (loss) —   19   —   (6 )
      (30 ) 1,719   1,111   1,174  
    Income before income taxes 77   2,591   1,222   3,023  
    Current income tax expense (20 ) (347 ) (481 ) (540 )
    Deferred income tax recovery —   140   453   37  
    Provision for income taxes (20 ) (207 ) (28 ) (503 )
    Net income 57   2,384   1,194   2,520  
    Other comprehensive income        
    Items that will not be reclassified to net income (loss):        
    Fair value changes to investments —   (518 ) —   (688 )
    Related income taxes —   (30 ) 36   (17 )
    Other comprehensive income (loss), net of income taxes —   (548 ) 36   (705 )
    Comprehensive income 57   1,836   1,230   1,815  
             
    Net income per share        
    Basic —   0.19   0.09   0.20  
    Diluted —   0.19   0.09   0.20  
     
    CONSOLIDATED BALANCE SHEETS
     
    (unaudited) September 30,   December 31,  
    ($ thousands) 2024   2023  
             
    Assets        
    NON-CURRENT ASSETS        
    Investment in Maple Leaf Partnerships 910   22,910  
    Investment in Sunchaser Partnership —   4,700  
    Investment in Energy Securities —   7,584  
    Land held for development —   6,632  
    Right-of-use asset 42   64  
      952   41,890  
    CURRENT ASSETS        
    Cash 27,849   10,664  
    Short term securities —   17,000  
    Amounts receivable and other 5,423   4,616  
    Asset classified as held for sale 4,670   —  
    Total assets 38,894   74,170  
             
    Liabilities        
    NON-CURRENT LIABILITIES        
    Deferred income tax liabilities 196   1,773  
    Lease liabilities 70   85  
      266   1,858  
    CURRENT LIABILITIES        
    Lease liabilities 38   38  
    Income taxes payable 905   171  
    Amounts payable and other 607   800  
    Total liabilities 1,816   2,867  
             
    Equity        
    Shareholders’ equity 35,619   51,324  
    Contributed surplus —   1,132  
    Retained earnings 1,240   10,364  
    Accumulated other comprehensive income 219   8,483  
    Total equity 37,078   71,303  
    Total liabilities and equity 38,894   74,170  
       

    Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
    Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

    While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

    The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

    The MIL Network –

  • MIL-OSI: Institute for Catastrophic Loss Reduction formally opens Winnipeg Climate Resilience Centre

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Nov. 05, 2024 (GLOBE NEWSWIRE) — The Institute for Catastrophic Loss Reduction (ICLR) is very pleased to announce the formal launch of its Climate Resilience Centre in downtown Winnipeg. The centre was made possible through generous contributions from Wawanesa, including the provision of office space in the company’s former executive office at 191 Broadway and operating funds.

    “ICLR is thrilled to partner with Wawanesa on this trailblazing facility,” said Paul Kovacs, Executive Director of the Institute for Catastrophic Loss Reduction. “After this year’s horrendous series of storm and wildfire-related losses that have led to a record $8 billion in insurance claims, it has never been more clear that all facets of Canadian society must work together to foster resilience to extremes. In the context of making Canadian homes, both existing and new, stronger against nature’s extremes, we know what features need to be added. The new ICLR Climate Resilience Centre in Winnipeg allows attendees to see these features in action.”

    “As Canada’s leading property and casualty mutual insurer, we see firsthand the devastating impact of severe weather across the country,” said Jeff Goy, President & CEO of Wawanesa. “Driven by our commitment to building stronger, more resilient communities, Wawanesa is proud to support the Institute for Catastrophic Loss Reduction’s new Climate Resilience Centre in our former executive office in Winnipeg. This facility will serve as a critical resource in equipping Canadians with the knowledge to better protect themselves against the growing threats of climate change, helping them to reduce their risk of loss.”

    The Climate Resilience Centre will serve as a destination for various stakeholders, such as insurers, reinsurers, brokers, home builders, building code officials and others to come together and learn about best practices and the issues involved in becoming more climate resilient. This includes:

    • Developing programming with national reach, distributing information to various stakeholders that is relevant to climate risks across the country.
    • Free attendance, allowing groups to book the premises for education sessions, host events and to collaborate in person.
    • Multimedia and other hands-on displays highlighting practical strategies for property loss mitigation developed by ICLR and sponsored by Wawanesa. The displays will be able to travel to communities for education events to address hazards such as basement flooding/sewer backup, wildfire, overland flooding, extreme wind, and hail.
    • A dedicated space sponsored by Wawanesa that will encourage attendees to come together to share knowledge and learn.

    Tours of the ICLR Climate Resilience Centre can be booked, and inquiries about borrowing the displays can be made by visiting www.iclr.org/climatecentre/.

    About The Institute for Catastrophic Loss Reduction (ICLR)
    Canada’s leading disaster research institute, the Institute for Catastrophic Loss Reduction (ICLR), was established by the insurance industry in 1997 as an independent, not-for-profit research and outreach institute to champion disaster resilience in Canada. ICLR is an international centre of excellence affiliated with Western University, London, Ontario. The Institute develops and champions evidence-based disaster safety solutions that can be implemented by homeowners, businesses and governments to enhance their disaster resilience. Visit www.iclr.org for more information.

    About The Wawanesa Mutual Insurance Company
    The Wawanesa Mutual Insurance Company, founded in 1896, is one of Canada’s largest mutual insurers, with over $3.5 billion in annual revenue and assets of $10 billion. Wawanesa Mutual, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.7 million members in Canada. The company actively gives back to organizations that strengthen communities, donating more than $3.5 million annually to charitable organizations, including over $2 million annually in support of people on the front lines of climate change. Learn more at wawanesa.com.

    For more information:
    Michel Rosset
    Manager, Corporate Communications & Media Relations
    The Wawanesa Mutual Insurance Company
    media@wawanesa.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2b304c1a-bceb-4c48-81ab-b15fbf482fd5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df5d68f1-6b5a-4a3e-aef0-b2630d979275

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ec5a4ca6-49a7-425f-a354-f6b7a926aa64

    The MIL Network –

  • MIL-OSI: Microchip Technology Increases Quarterly Cash Dividend 3.6% Year-Over-Year to 45.5 Cents Per Share

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., Nov. 05, 2024 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share. The dividend is payable on December 6, 2024, to stockholders of record on November 22, 2024. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 83 times since then.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    INVESTOR RELATIONS CONTACT:

    Sajid Daudi — Head of investor Relations….. (480) 792-7385

    The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.

    The MIL Network –

  • MIL-OSI: Nasdaq Executives to Present at Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conferences in November with webcasts available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who: Adena Friedman, Chair and CEO, Nasdaq
    What: J.P. Morgan Ultimate Services Investor Conference
    When: Thursday, November 14, 2024
      2:30 PM ET
       
    Who: Sarah Youngwood, Executive Vice President & CFO, Nasdaq
    What: RBC Capital Markets Technology, Internet, Media and Telecommunications Conference
    When: Tuesday, November 19, 2024
      9:20 AM 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: HP Inc. to Announce Fourth Quarter Fiscal 2024 Earnings on Nov 26, 2024

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) will present a live audio webcast of a conference call to review financial results for the fourth fiscal quarter and fiscal year ended October 31, 2024 on Tuesday, Nov 26, 2024 at 5:30 p.m. ET / 2:30 p.m. PT.

    The webcast will be available at www.hp.com/investor/2024Q4Webcast.

    A replay of the audio webcast will be available at the same website shortly after the call and will remain available for approximately one year.

    About HP Inc.

    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

    ©Copyright 2024 HP Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

    The MIL Network –

  • MIL-OSI Security: Albuquerque FBI Division Announces It’s 2025 Citizen’s Academy

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Have you ever wondered how the FBI solves a case? Want to hear about the work agents are doing across New Mexico? Special Agent in Charge Raul Bujanda welcomes business, civic, and faith-based community leaders to apply for FBI Albuquerque’s Citizens Academy program, where we will give participants a first-hand look into life at the FBI.

    “The FBI’s Citizens Academy provides an incredible opportunity for members of the community to better understand the work of the FBI and partner with us in keeping New Mexico citizens safe,” said Raul Bujanda, special agent in charge for the FBI Albuquerque Division. “The FBI Citizens Academy program is a unique opportunity for us to share our work one-on-one with community leaders of all backgrounds, and for them to provide us with feedback. Through frank discussion and information sharing, we can improve relationships and advance our mission to protect all Americans.”

    FBI Albuquerque is now accepting nominations for the 2025 FBI Citizens Academy. Over the course of 8 sessions this spring, select business, religious, civic, and community leaders will be given an opportunity to go behind the scenes of local FBI operations and experience case studies and demonstrations led by Special Agents, Intelligence Analysts, and FBI Professional Staff. Topics will include how the FBI works to combat violent crime, human trafficking, cybercrime, counterintelligence, Indian Country, terrorism, and how teams train in forensics, firearms, evidence recovery, and more.

    • When: Wednesday evenings February 19th, 2025 – April 23rd, 2025
    • Where: FBI Albuquerque 4200 Luecking Park Ave NE, Albuquerque New Mexico 87107

    How to Apply: The FBI Citizens Academy is open to anyone with an interest in learning how the FBI works to protect and serve the community. Candidates can be nominated by a program alumnus, former or current FBI employee, or self-nominated. The nomination form must be completed in full and returned by the close of business on Friday, December 20, 2024. If selected, there is no cost to attend. Questions regarding the program or application process can be directed to aq.outreach@fbi.gov

    Requirements:

    • Business, religious, civic, or community leader
    • Be at least 21 years of age
    • No felony or serious misdemeanor convictions
    • Cannot be under investigation as a subject in a criminal case
    • Must live or work in New Mexico
    • Must agree to and pass a limited background check
    • Must be able to attend classes in person

    MIL Security OSI –

  • MIL-OSI Security: Owner and Senior Executive of New York Contracting Company Plead Guilty to Paying Kickbacks to Obtain Construction Contracts From a Fortune 500 Company

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Damian Williams, the United States Attorney for the Southern District of New York, announced that TROY CARUSO, the owner and chief executive officer of a commercial construction and contracting company headquartered in New York, New York (the “Contracting Company”), and JOHN NOLAN, a senior executive at the Contracting Company, pled guilty Friday, November 1, 2024, to conspiring to commit honest services wire fraud in connection with their scheme to pay kickbacks to a senior project manager at a Fortune 500 real estate services firm in order to obtain contracting work.  CARUSO and NOLAN pled guilty before U.S. District Judge Lewis J. Liman, who is scheduled to sentence CARUSO on February 12, 2025, and NOLAN on February 13, 2025.

    U.S. Attorney Damian Williams said: “Corruption has no place in our business landscape.  Troy Caruso and John Nolan sought to exploit the system for their own benefit, but today’s outcome shows that integrity will prevail.  This Office is dedicated to ensuring that the integrity of our contracting processes is upheld, and we will relentlessly pursue those who engage in such dishonest schemes.”

    According to the documents filed in this case, including the Indictment and the plea agreements of CARUSO and NOLAN, and statements made in Court: 

    From at least in or about February 2021, up to and including in or about September 2023, CARUSO and NOLAN agreed to pay, and did pay, kickbacks to an employee of a global and publicly traded commercial real estate services company (the “Real Estate Firm”) in exchange for assistance and preferential treatment so that the Contracting Company would be awarded projects managed by the Real Estate Firm (the “Kickback Scheme”).

    In or about March 2021, CARUSO and NOLAN were introduced by an individual (“CC-1”) to a senior project manager at the Real Estate Firm (“CC-2”).  CC-2 managed the process by which contracting companies bid for, and were awarded, contracts to work on construction projects for various of the Real Estate Firm’s clients. Beginning in or about March 2021, because of the Kickback Scheme, CC-2 took a series of actions CC-2 otherwise would not have taken to ensure that the Contracting Company was awarded a pre-construction contract and a construction contract relating to a certain project (“Project-1”), which was managed by the Real Estate Firm on behalf of its client, a health services business that provides hospital, medical, and other health services to patients.  For example, CC-2 ensured that the Contracting Company was on the Real Estate Firm’s “bid list” so that it could submit bids relating to Project-1 that it otherwise could not have submitted.  CC-2 also provided non-public information to CARUSO and NOLAN about the bidding process, and recommended the Contracting Company for both the pre-construction contract and the construction contract relating to Project-1.  As a result of the Kickback Scheme and CC-2’s actions, the Contracting Company was awarded the pre-construction and construction contracts for Project-1, the latter of which was valued at approximately $3.55 million (to be paid to the Contracting Company).

    In exchange for CC-2’s assistance and preferential treatment, CARUSO and NOLAN agreed to pay kickbacks to CC-2 in the amount of approximately one percent of the construction value of any project managed by the Real Estate Firm that resulted in a contract award to the Contracting Company.  Accordingly, CARUSO and NOLAN agreed to pay CC-2 approximately $35,500 for Project-1, and ultimately paid CC-2 approximately $33,000 in kickbacks for CC-2’s assistance on Project-1.  Most of these payments were made in cash at locations around New York City.  CARUSO and NOLAN also paid CC-1 approximately $15,000 for CC-1’s assistance in the Kickback Scheme, which included connecting CC-2 with CARUSO and NOLAN.

    CARUSO and NOLAN attempted to obtain additional contracts from the Real Estate Firm, with CC-2’s assistance as part of the Kickback Scheme.  Between in or about 2022 and in or about 2023, in exchange for CARUSO and NOLAN’s promise of payment for any contract awarded to the Contracting Company, CC-2 provided CARUSO and NOLAN with assistance relating to two additional construction projects managed by the Real Estate Firm that did not result in contract awards to the Contracting Company.

    *               *                *

    CARUSO, 57, of Smithtown, New York, and Ludlow, Vermont, and NOLAN, 43, of Brooklyn, New York, each pled guilty to one count of honest services wire fraud conspiracy, which carries a maximum sentence of 20 years in prison.

    The statutory maximum penalty is prescribed by Congress and is provided here for informational purposes only, as the defendants’ sentences will be determined by a judge. 

    Mr. Williams praised the outstanding investigative work of the Special Agents and the Task Force Officers of the U.S. Attorney’s Office for the Southern District of New York. Mr. Williams also thanked the Federal Bureau of Investigation for their assistance in the investigation. 

    This case is being handled by the Office’s Public Corruption Unit.  Assistant U.S. Attorney Jane Kim is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Leader of International Stock Manipulation Ring Pleads Guilty

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Damian Williams, the United States Attorney for the Southern District of New York, announced today that RONALD BAUER pled guilty to conspiring to commit securities fraud in connection with his role in a long-running “pump-and-dump” stock manipulation scheme. BAUER pled guilty before U.S. District Judge Paul A. Engelmayer and is scheduled to be sentenced on May 20, 2025. 

    U.S. Attorney Damian Williams said: “For years, Ronald Bauer orchestrated a sprawling ‘pump-and-dump’ scheme involving the shares of numerous U.S.-based issuers that preyed on ordinary, retail investors.  While Bauer and his co-conspirators lived outside of the United States, they took advantage of the U.S. markets to perpetrate their fraud and reaped millions upon millions in profits at the expense of the victims. Today’s guilty plea should send a clear message that this Office is committed to holding market manipulators accountable no matter how hard they try to conceal their crimes.” 

    According to allegations in the Indictment, public filings, and statements made in court: 

    BAUER, a/k/a “Patek,” a citizen of Canada and the United Kingdom who resided in the United Kingdom, orchestrated numerous “pump-and-dump” schemes, controlling various aspects of the plans.  The Securities and Exchange Commission (“SEC”) had previously filed securities fraud claims against BAUER in 2005 for engaging in an alleged market manipulation scheme that was alleged to have issued false and misleading press releases while secretly dumping tens of millions of shares into the inflated market that BAUER and his associates had created.  In 2006, without admitting or denying the allegations, BAUER consented to the entry of a judgment against him providing for injunctive relief, barring BAUER from serving as an officer or director of a public company or participating in an offering of penny stock for a period of five years, and payment of disgorgement of $840,000.

    As he admitted in connection with his guilty plea, BAUER and his co-conspirators participated in a conspiracy to commit securities fraud with respect to seven issuers: Cantabio Pharmaceuticals Inc. (CTBO) (previously Lion Consulting Group (LIOC)); Virtus Oil and Gas Corp. (VOIL) (previously Curry Gold Corp. (CURGD)); Steampunk Wizards (SPWZ) (previously Freedom Petroleum (FPET)); Black Stallion Oil and Gas Inc. (BLKG) (previously Secure IT Corp.); PetroTerra Corp. (previously Loran Connection Corp (LRNC)); Black River Petroleum (BRPC) (previously American Copper Corp. (AMCU)); and Cyberfort Software Inc. (CYBF) (previously Patriot Berry Farms (PBFI)) (collectively, the “Issuers”).  

    To perpetrate the “pump-and-dump” scheme, BAUER and his co-conspirators obtained ownership and control of all or the vast majority of the unrestricted (i.e., free trading) stock of the Issuers.  BAUER and his co-conspirators sought to conceal their beneficial ownership of these controlling interests in the shares of the Issuers by causing their shares to be distributed to and divided amongst nominee entities that had been established by a Swiss corporation called Blacklight, S.A.  These entities were nominally owned by unrelated third parties but were, in fact, controlled by BAUER or his co-conspirators.  Thereafter, BAUER and his co-conspirators retained trading authority over the blocks of shares of the Issuers held by the Blacklight nominee entities and BAUER regularly provided trading instructions with respect to these shares to executives or employees at Blacklight.  In addition, BAUER and his co-conspirators effectively controlled or otherwise maintained significant influence over the management of the Issuers during the “pump-and-dump” scheme. 

    At times, BAUER and his co-conspirators caused nominees to engage in “match trades”—i.e., place both buy and sell orders in the same stock on the same day—for no legitimate economic purpose.  Furthermore, BAUER and his co-conspirators financed and coordinated promotional campaigns touting the Issuers to stoke trading interest in the Issuers’ stock, though without publicly disclosing their relationship to the promotional campaigns, their controlling interest, or their intent to sell a significant percentage of their holdings into the buying interest that they intended the promotional campaigns would generate.  BAUER and his co-conspirators took steps to conceal the fact that the nominee entities they controlled were the true funding source for the promotional campaigns. 

    During or shortly after the promotional campaigns, BAUER and his co-conspirators caused the Blacklight nominee entities to engage in trading activity in the Issuers’ stock, including selling a large percentage of their holdings of the Issuers’ stock, then caused the Blacklight nominee entities they controlled to remit to them the proceeds of the stock sales.

    *                *                *

    BAUER, 49, of London, United Kingdom, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.  As part of his guilty plea, a money judgment in the amount of $4,377,228.74 was entered against BAUER.

    The maximum potential sentence in this case is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Williams praised the outstanding work of the Federal Bureau of Investigation.  He further thanked the Justice Department’s Office of International Affairs of the Department’s Criminal Division, as well as authorities in the United Kingdom, in particular the Crown Prosecution Service’s National Extradition Unit. Finally, Mr. Williams also thanked the Securities and Exchange Commission, which separately initiated civil proceedings against BAUER. 

    The case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant U.S. Attorneys Jason Richman, Matthew R. Shahabian, Noah Solowiejczyk, and Vladislav Vainberg are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI: Microchip Technology Announces Financial Results for Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    • Net sales of $1.164 billion, down 6.2% sequentially and down 48.4% from the year ago quarter. The midpoint of our guidance provided on August 1, 2024 was net sales of $1.150 billion.
    • Revenue, gross profit and non-GAAP gross profit were positively impacted by a $13.3 million legal settlement. This settlement also positively impacted GAAP and non-GAAP EPS by $0.02 per diluted share.
    • On a GAAP basis: gross profit of 57.4%; operating income of $146.6 million and 12.6% of net sales; net income of $78.4 million; and EPS of $0.14 per diluted share. Our guidance provided on August 1, 2024 was for GAAP EPS of $0.10 to $0.14 per diluted share.
    • On a Non-GAAP basis: gross profit of 59.5%; operating income of $340.8 million and 29.3% of net sales; net income of $250.2 million; and EPS of $0.46 per diluted share. Our guidance provided on August 1, 2024 was for Non-GAAP EPS of $0.40 to $0.46 per diluted share.
    • Returned approximately $261.0 million to stockholders in the September quarter through dividends of $243.7 million and the repurchase of $17.3 million, or 0.2 million shares of our common stock, at an average price of $76.86 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased $2.444 billion, or 31.4 million shares, over the last twelve quarters.
    • Record quarterly dividend declared today for the December quarter of 45.5 cents per share, an increase of 3.6% from the year ago quarter.

    CHANDLER, Ariz., Nov. 05, 2024 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months ended September 30, 2024, as summarized in the table below.

      Three Months Ended September 30, 2024(1)
    Net sales $1,163.8      
      GAAP % Non-GAAP(2) %
    Gross profit $668.5 57.4% $692.9 59.5%
    Operating income $146.6 12.6% $340.8 29.3%
    Other expense $(55.1)   $(53.3)  
    Income tax provision $13.1   $37.3  
    Net income $78.4 6.7% $250.2 21.5%
    Net income per diluted share $0.14   $0.46  
             

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the second quarter of fiscal 2025 were $1.164 billion, down 48.4% from net sales of $2.254 billion in the prior year’s second fiscal quarter.

    GAAP net income for the second quarter of fiscal 2025 was $78.4 million, or $0.14 per diluted share, down from GAAP net income of $666.6 million, or $1.21 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, GAAP net income was adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions.

    Non-GAAP net income for the second quarter of fiscal 2025 was $250.2 million, or $0.46 per diluted share, down from non-GAAP net income of $889.3 million, or $1.62 per diluted share, in the prior year’s second fiscal quarter. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Microchip announced today that its Board of Directors declared a record quarterly cash dividend on its common stock of 45.5 cents per share, up 3.6% from the year ago quarter. The quarterly dividend is payable on December 6, 2024 to stockholders of record on November 22, 2024.

    “Our September quarter results were consistent with our guidance, as we continued to navigate through an inventory correction that’s occurring in the midst of macro weakness for many manufacturing businesses, accentuated by heightened weakness in our European business which is concentrated with Industrial and Automotive customers,” said Ganesh Moorthy, President and Chief Executive Officer. “The ‘green shoots’ we saw in recent quarters have progressed unevenly with essentially flat sequential bookings, normalized cancellation rates and much higher expedite requests, which we believe are all positive signs for a potential bottom formation despite limited visibility.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “Our September quarter results reflect continued customer destocking efforts and sluggish end-market demand. We are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets. Our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio. With our expanding capabilities, we believe we are well-positioned to capitalize on opportunities in this growth market.”

    Mr. Moorthy concluded, “For the December quarter, we expect net sales between $1.025 billion and $1.095 billion. While substantial inventory destocking has occurred, we continue to face macro uncertainties in what is historically our seasonally weakest quarter. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends.”

    Third Quarter Fiscal Year 2025 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.025 to $1.095 billion    
      GAAP Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 56.2% to 58.1% $8.4 to $9.4 million 57.0% to 59.0%
    Operating Expenses(2) 49.1% to 51.4% $170.0 to $174.0 million 33.2% to 34.8%
    Operating Income 4.8% to 9.1% $178.4 to $183.4 million 22.2% to 25.8%
    Other Expense, net $69.3 to $69.7 million ($0.2) to $0.2 million $69.5 million
    Income Tax Provision $1.0 to $13.0 million(3) $12.6 to $21.1 million $22.1 to $25.6 million(4)
    Net Income (loss) ($21.1) to $16.5 million $157.0 to $170.9 million $135.9 to $187.4 million
    Diluted Common Shares Outstanding Approximately 537.3 to 543.0 million shares   Approximately 543.0 million shares
    Earnings (Loss) per Diluted Share ($0.04) to $0.03 $0.29 to $0.32 $0.25 to $0.35
           
    (1)  See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending December 31, 2024. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending December 31, 2024.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2025, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
       

    Capital expenditures for the quarter ending December 31, 2024 are expected to be about $20 million. Capital expenditures for all of fiscal 2025 are expected to be about $150 million. We are selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, cybersecurity incident expenses, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the second quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including employee stock options, restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Financial Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the December 2024 quarter between $75 and $85 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in millions, except per share amounts; unaudited)
     
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net sales $ 1,163.8     $ 2,254.3     $ 2,405.1     $ 4,542.9  
    Cost of sales   495.3       726.9       999.7       1,457.1  
    Gross profit   668.5       1,527.4       1,405.4       3,085.8  
                   
    Research and development   240.7       292.6       482.4       591.1  
    Selling, general and administrative   157.0       196.6       307.5       400.2  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Operating expenses   521.9       642.4       1,039.7       1,297.7  
                   
    Operating income   146.6       885.0       365.7       1,788.1  
                   
    Other expense, net   (55.1 )     (51.4 )     (112.4 )     (106.2 )
    Income before income taxes   91.5       833.6       253.3       1,681.9  
    Income tax provision   13.1       167.0       45.6       348.9  
    Net income $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
                   
    Basic net income per common share $ 0.15     $ 1.23     $ 0.39     $ 2.45  
    Diluted net income per common share $ 0.14     $ 1.21     $ 0.38     $ 2.42  
                   
    Basic common shares outstanding   536.7       543.1       536.7       544.1  
    Diluted common shares outstanding   542.0       549.2       542.4       550.3  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions; unaudited)
     
    ASSETS
      September 30,   March 31,
      2024   2024
    Cash and short-term investments $ 286.1   $ 319.7
    Accounts receivable, net   1,044.3     1,143.7
    Inventories   1,339.6     1,316.0
    Other current assets   235.5     233.6
    Total current assets   2,905.5     3,013.0
           
    Property, plant and equipment, net   1,171.2     1,194.6
    Other assets   11,545.6     11,665.6
    Total assets $ 15,622.3   $ 15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $ 1,339.4   $ 1,520.0
    Current portion of long-term debt   1,946.3     999.4
    Total current liabilities   3,285.7     2,519.4
           
    Long-term debt   4,476.6     5,000.4
    Long-term income tax payable   590.4     649.2
    Long-term deferred tax liability   29.8     28.8
    Other long-term liabilities   963.9     1,017.6
           
    Stockholders’ equity   6,275.9     6,657.8
    Total liabilities and stockholders’ equity $ 15,622.3   $ 15,873.2
               
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)
     
    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Gross profit, as reported $ 668.5     $ 1,527.4     $ 1,405.4     $ 3,085.8  
    Share-based compensation expense   4.3       7.4       10.9       14.2  
    Cybersecurity incident expenses   20.1       —       20.1       —  
    Non-GAAP gross profit $ 692.9     $ 1,534.8     $ 1,436.4     $ 3,100.0  
    GAAP gross profit percentage   57.4 %     67.8 %     58.4 %     67.9 %
    Non-GAAP gross profit percentage   59.5 %     68.1 %     59.7 %     68.2 %
                                   
    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Research and development expenses, as reported $ 240.7     $ 292.6     $ 482.4     $ 591.1  
    Share-based compensation expense   (26.9 )     (23.7 )     (50.2 )     (46.6 )
    Other adjustments   —       (0.2 )     —       (0.4 )
    Non-GAAP research and development expenses $ 213.8     $ 268.7     $ 432.2     $ 544.1  
    GAAP research and development expenses as a percentage of net sales   20.7 %     13.0 %     20.1 %     13.0 %
    Non-GAAP research and development expenses as a percentage of net sales   18.4 %     11.9 %     18.0 %     12.0 %
                                   
    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Selling, general and administrative expenses, as reported $ 157.0     $ 196.6     $ 307.5     $ 400.2  
    Share-based compensation expense   (15.1 )     (14.3 )     (29.2 )     (29.1 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.6 )     (3.4 )     0.5  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Non-GAAP selling, general and administrative expenses $ 138.3     $ 181.4     $ 272.9     $ 370.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   13.5 %     8.7 %     12.8 %     8.8 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   11.9 %     8.0 %     11.3 %     8.2 %
                                   
    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating expenses, as reported $ 521.9     $ 642.4     $ 1,039.7     $ 1,297.7  
    Share-based compensation expense   (42.0 )     (38.0 )     (79.4 )     (75.7 )
    Cybersecurity incident expenses   (1.3 )     —       (1.3 )     —  
    Other adjustments   (2.1 )     (0.8 )     (3.4 )     0.1  
    Professional services associated with certain legal matters   (0.2 )     (0.3 )     (0.7 )     (0.8 )
    Amortization of acquired intangible assets(1)   (122.7 )     (151.4 )     (245.7 )     (302.9 )
    Special charges and other, net   (1.5 )     (1.8 )     (4.1 )     (3.5 )
    Non-GAAP operating expenses $ 352.1     $ 450.1     $ 705.1     $ 914.9  
    GAAP operating expenses as a percentage of net sales   44.8 %     28.5 %     43.2 %     28.6 %
    Non-GAAP operating expenses as a percentage of net sales   30.3 %     20.0 %     29.3 %     20.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Operating income, as reported $ 146.6     $ 885.0     $ 365.7     $ 1,788.1  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets(1)   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Non-GAAP operating income $ 340.8     $ 1,084.7     $ 731.3     $ 2,185.1  
    GAAP operating income as a percentage of net sales   12.6 %     39.3 %     15.2 %     39.4 %
    Non-GAAP operating income as a percentage of net sales   29.3 %     48.1 %     30.4 %     48.1 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Other expense, net, as reported $ (55.1 )   $ (51.4 )   $ (112.4 )   $ (106.2 )
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Non-GAAP other expense, net $ (53.3 )   $ (48.3 )   $ (110.6 )   $ (94.0 )
    GAAP other expense, net, as a percentage of net sales (4.7) %   (2.3) %   (4.7) %   (2.3) %
    Non-GAAP other expense, net, as a percentage of net sales (4.6) %   (2.1) %   (4.6) %   (2.1) %
                   
    RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Income tax provision as reported $ 13.1     $ 167.0     $ 45.6     $ 348.9  
    Income tax rate, as reported   14.3 %     20.0 %     18.0 %     20.7 %
    Other non-GAAP tax adjustment   24.2       (19.9 )     35.0       (52.4 )
    Non-GAAP income tax provision $ 37.3     $ 147.1     $ 80.6     $ 296.5  
    Non-GAAP income tax rate   13.0 %     14.2 %     13.0 %     14.2 %
                                   
    RECONCILIATION OF GAAP NET INCOME AND GAAP DILUTED NET INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    Net income, as reported $ 78.4     $ 666.6     $ 207.7     $ 1,333.0  
    Share-based compensation expense   46.3       45.4       90.3       89.9  
    Cybersecurity incident expenses   21.4       —       21.4       —  
    Other adjustments   2.1       0.8       3.4       (0.1 )
    Professional services associated with certain legal matters   0.2       0.3       0.7       0.8  
    Amortization of acquired intangible assets   122.7       151.4       245.7       302.9  
    Special charges and other, net   1.5       1.8       4.1       3.5  
    Loss on settlement of debt   —       3.1       —       12.2  
    Loss on available-for-sale investments   1.8       —       1.8       —  
    Other non-GAAP tax adjustment   (24.2 )     19.9       (35.0 )     52.4  
    Non-GAAP net income $ 250.2     $ 889.3     $ 540.1     $ 1,794.6  
    GAAP net income as a percentage of net sales   6.7 %     29.6 %     8.6 %     29.3 %
    Non-GAAP net income as a percentage of net sales   21.5 %     39.4 %     22.5 %     39.5 %
    Diluted net income per common share, as reported $ 0.14     $ 1.21     $ 0.38     $ 2.42  
    Non-GAAP diluted net income per common share $ 0.46     $ 1.62     $ 1.00     $ 3.26  
    Diluted common shares outstanding, as reported   542.0       549.2       542.4       550.3  
    Diluted common shares outstanding non-GAAP   542.0       549.2       542.4       550.3  
                                   
    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
      Three Months Ended September 30,   Six Months Ended September 30,
      2024   2023   2024   2023
    GAAP cash flow from operations, as reported $ 43.6     $ 616.2     $ 420.7     $ 1,609.4  
    Capital expenditures   (20.8 )     (74.4 )     (93.7 )     (185.5 )
    Free cash flow $ 22.8     $ 541.8     $ 327.0     $ 1,423.9  
    GAAP cash flow from operations as a percentage of net sales   3.7 %     27.3 %     17.5 %     35.4 %
    Free cash flow as a percentage of net sales   2.0 %     24.0 %     13.6 %     31.3 %
                                   

    Microchip will host a conference call today, November 5, 2024 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until November 26, 2024.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on November 5, 2024 and will remain available until 5:00 p.m. (Eastern Time) on November 26, 2024. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13747161.

    Cautionary Statement:

    The statements in this release relating to continuing to navigate through an inventory correction, macro weakness for many manufacturing businesses, heightened weakness in our European business, that the green shoots we saw in recent quarters have progressed unevenly, our belief that these are all positive signs for a potential bottom formation despite limited visibility, that we are maintaining strong cost discipline and balance sheet management while taking actions to ensure operational readiness for the anticipated market recovery, that our Total System Solutions approach is driving strong execution and seeing growing adoption in AI-accelerated servers in the data center markets, that our PCIe switches, SSD controllers, CXL solutions, and associated power and timing products are key to continuing to strengthen our data center portfolio, that we believe we are well-positioned to capitalize on opportunities in this growth market, that for the December quarter we expect net sales between $1.025 billion and $1.095 billion, that we continue to face macro uncertainties in what is historically our seasonally weakest quarter, that our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends, our third quarter fiscal 2025 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax provision, net income, diluted common shares outstanding, earnings per diluted share, capital expenditures for the December 2024 quarter and for all of fiscal 2025, selectively adding capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the December 2024 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation or the impact of the COVID-19 pandemic (including lock-downs in China), actions taken or which may be taken by the Biden administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East and the outcome of the U.S. elections in November), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017), foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this November 5, 2024 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

  • MIL-OSI: Runway Growth Finance Corp. Announces Fourth Quarter Regular Dividend of $0.40

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that its Board of Directors has declared a fourth quarter 2024 regular cash distribution of $0.40 per share.

    The following shows the key dates of the fourth quarter 2024 dividend:

    Declaration Date: November 5, 2024
    Record Date: November 18, 2024
    Payment Date: December 2, 2024

    Runway Growth generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, subject to the discretion of the Board of Directors. Any distribution by the Company will depend on the Company’s earnings, financial condition, maintenance of regulated investment company status for income tax purposes, compliance with applicable business development company regulations and such other factors as the Board of Directors may deem relevant from time to time. The Company also maintains an “opt out” dividend reinvestment plan, as amended, for its stockholders. As a result, if the Company declares a distribution, then stockholders who have not opted out of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock.

    About Runway Growth Finance Corp.
    Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com

    Forward-Looking Statements
    Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, which change over time. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    IR Contacts:
    Taylor Donahue, Prosek Partners, tdonahue@prosek.com
    Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

    The MIL Network –