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Category: Business

  • MIL-OSI Global: Flock is a refreshing play about the complex reality of growing up in care

    Source: The Conversation – UK – By Eva A Sprecher, Research Fellow in Clinical, Education and Health Psychology, UCL

    Flock follows Robbie (Jamie Ankrah) and his older sister Cel (Gabriella Leonardi).
    Playing On, CC BY

    There are over 100,000 children and young people living in care in the UK, either with foster carers, in residential children’s homes or in other settings. Flock, currently playing at the Soho Theatre in London before embarking on a UK tour, follows the lives of two young people who have spent time in care, Robbie (Jamie Ankrah) and his older sister Cel (Gabriella Leonardi).

    The play was written by Lin Coughlan and directed by Jim Pope after three years of development with Raising the Roof, a project working with young people aged 16-25 who have lived in care, to develop fictional narratives informed by their own lives.

    The voices of young people who have lived in care give this play its beating heart. And they’re also vitally important for authentic representation of first-hand care-stories that are notably missing in mainstream media.

    Historically, characters who have grown up in the care system tend to be represented as villains or criminals in popular culture. Think Paul Spector in The Fall, or Loki from the Marvel universe. Exceptions can be found in many heroes in the Marvel comics created by Stan Lee, like Spider-Man or Daredevil.

    Researchers who have first-hand experience of the care system have commented on the prevalence of stigmatising narratives around “damage” and negative stereotypes associated with experience of care, alongside idealised “happy-ever-after” foundling stories.

    Important work is being done to archive the work of creators with experience of the care system and to capture a variety of care stories. However, nuanced work taking into account the complexity of going through the care system is rare and public attitudes reflect harmful misconceptions about young people living in care.

    Trailer for the touring production of Flock.

    In England, it’s estimated that at least one in three children who enter care are separated from their siblings. In Flock, Robbie is desperately waiting for his 18th birthday, when he hopes he will be able to live reunited with his sister Cel.

    While Robbie and Cel are not living together, they find ways to connect – taking trips to McDonalds or going bowling. Maintaining connections with siblings, while sometimes complex, can make a big difference to supporting the sense of belonging, mental health and wellbeing experienced by young people in care.

    Cel is one of the only people who shares Robbie’s memories of his nan and their valued moments with her before coming into care. There is evidence that sibling separation has a long-lasting impact for adults with experience of care, associated with complicated feelings of loss. However, when planning for young people’s living arrangements, sibling reunification or connection is not always prioritised.

    Young carers and their siblings

    Sibling reunification is not always easy. While Cel loves Robbie, she often feels more like his parent, and the responsibility of supporting him to manage his emotions while she is still a child weighs heavily on her. Cel might be described as a young carer, taking on daily tasks and personal care for her sibling when adults were not able to do so.

    While young carers who have spent time caring for a sibling do often express feeling more resourceful, greater responsibility and prioritising their sibling’s needs can impact their own wellbeing. Cel dreams of going to university and the freedom of leaving her responsibility as an older sister, even as she loves Robbie and wants the best for him.

    Cel is not the only person that Robbie can rely on. He also has a strong connection with his best friend Miko (Deshaye Gayle) and somewhat reluctantly meets with his personal advisor, Mrs Bosely (Jennifer Daley). As Robbie’s relationship with Cel comes under threat, these connections become especially important.

    Coming into care can cause disruption to more than sibling relationships. Children often lose touch with family, friends and communities and often move school and neighbourhood. Most young people living in care, like Robbie, have had difficult and possibly traumatic early experiences before, during and after moving into care.

    After difficult early experiences, some young people may experience changes to their brain and behaviour that allows them to survive loss, neglect or abuse. These adaptations may look like an increased alertness to danger or an unwillingness to trust others.

    While these changes may help children stay safe when living in unsafe circumstances, they might also make it harder to maintain close relationships. This negative impact of these understandable adaptations on relationships is called “social thinning”. At moments, Robbie’s mistrust is clear – when he fears that Miko is only his friend out of pity or when he finds it hard to accept any support Bosely offers him. However, we also see that the consistent, warm and understanding support of Miko and Bosely helps Robbie to stay connected in his lowest moments.

    This play represents both the very difficult experiences of young people living in care, alongside real moments of joy, strength, hope and connection. Flock provides a refreshing and much-needed story of the complex reality of the lives of young people living in care in the UK, putting real voices at its centre.

    Flock is on at the Soho Theatre, London until November 2, when it embarks on a UK tour.



    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    Eva A Sprecher 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. Flock is a refreshing play about the complex reality of growing up in care – https://theconversation.com/flock-is-a-refreshing-play-about-the-complex-reality-of-growing-up-in-care-241620

    MIL OSI – Global Reports –

    January 24, 2025
  • MIL-OSI United Kingdom: Scottish Greens call for introduction of ‘mansion tax’ in Scottish budget

    Source: Scottish Greens

    23 Oct 2024 Economy

    Scottish Greens are calling for a range of revenue-increasing levies such as ‘mansion tax’ to protect people and planet from budget cuts.

    More in Economy

    The introduction of a ‘mansion tax’ on the sale of the most expensive homes is one of a number of property tax changes proposed by the Scottish Greens, with the money raised being used to protect public services from further cuts.

    Scottish Greens finance spokesperson Ross Greer has called for the Scottish Government to use the upcoming budget to introduce a new band of Land and Buildings Transaction Tax, set at 15% for the purchase of homes costing over £1 million.

    Currently, the top rate of Land and Buildings Transaction Tax for residential properties is 12% on £750,000 and above. The Scottish Greens are proposing a new 12% rate starting at £650,000 and a 15% rate from £1 million.

    Mr Greer said: “14 years of Tory cuts have left Scotland’s budget in a dire state. Sadly, the new Labour government shows every sign of going further and deeper with their own cuts to public services. We must use every tool available to us here in Scotland to protect people and planet from the damage these budget cuts would do.

    “A mansion tax on the biggest and most luxurious houses is one of many ways we can raise more money to support services like the NHS while only impacting the very wealthiest people.

    “There is more than enough wealth in Scotland to end child poverty tomorrow, but far too much of it is in the hands of a very small number of extremely rich people and big companies. The powers needed to tax them fairly mostly sit at Westminster rather than Holyrood, but we can use tools like Scottish property taxes to make sure the richest people in society pay a bit more when they are buying a new house.

    “A mansion tax could be introduced by the SNP now. It would raise crucial funds we could use to tackle child poverty and the climate emergency.”

    Mr Greer added: “The Scottish Greens have already delivered an income tax system for Scotland which raises £1.5 billion more every year for public services like our schools. If we want to protect these services though, we need to go further. That’s why we are proposing a range of options to the SNP. 

    “If they want Green votes to pass the government’s budget, they know that the price of our support is more funding to tackle child poverty and the climate crisis. We are being clear about where that money could be raised from.”

    In 2023, the Scottish Greens delivered new powers to double Council Tax on second homes and increased the Additional Dwelling Supplement, which is paid by those purchasing a property which is not their primary home, such as “buy to let” landlords and those buying second homes. The purpose of these changes was to raise additional funds and to discourage the purchase of holiday homes in areas where they are causing acute housing shortages.

    The Party also introduced the Housing Bill which is currently working its way through Parliament. If passed, this would provide permanent rent controls and protections for tenants.

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI United Kingdom: Work begins on new Community-Led Housing project in Ryde 23 October 2024 Work begins on new Community-Led Housing project in Ryde

    Source: Aisle of Wight

    Work is underway on a new Community-Led Housing project in Ryde — one of the first of its kind on the Island.

    The innovative development will offer a mix of studio and one-bedroom flats, available at truly affordable rents.

    The scheme is the first to be funded under the Isle of Wight Council’s Community-Led Housing project and is due to welcome its first residents in June next year.

    John Prickett, the council’s Community-Led Housing officer, has been supporting Aspire Ryde to purchase and re-purpose the charity’s High Street building.

    Last month work started to convert the upper two floors into seven self-contained flats for Island people, including veterans, who would otherwise be in danger of homelessness.

    The ARCH Community Hub and shop will be retained on the ground floor.

    Aspire will support people with their tenancies with the view to their eventual move to a suitable permanent home.

    Councillor Ian Stephens, the council’s Cabinet member for housing, said: “We’re excited that we’re finally able to start work on this important, Community-Led Housing project in partnership with Aspire Ryde.

    “We recognise the issues facing the Island and remain absolutely committed to the delivery of affordable housing.

    “We hope developments such as this will encourage more Community-Led Housing schemes to come forward and help us to provide the affordable homes we so desperately need for Islanders.”

    Aspire has been able to fund the purchase and development of the project through a mix of specific Community-Led Housing funding from the Isle of Wight Council, and a long-term loan from Charity Bank.

    Grants from Charity Bank, the Armed Forces Covenant Trust and the B&Q Foundation have also been secured to fund the finishes to the flats.

    The designers for the project, who worked with Aspire through various re-designs, were local practice Arid Design (Ltd) and the building contractor is DN Associates Limited.

    Trevor Nicholas, chief executive of Aspire Ryde, said: “We are thrilled to have got to this point with the project and are extremely grateful to John Prickett and the Isle of Wight Council, alongside Charity Bank and other grant funders for their support and commitment to providing homes for those in the greatest need.

    “It is fantastic to see Community-Led Housing taking shape here and we hope that this will act as a catalyst for other projects across the Island. We are so looking forward to welcoming our first residents.”

    Photo shows: JD Viette (project manager for Aspire), John Prickett, Trevor Nicholas and council Leader Councillor Phil Jordan.

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Europe: The EBA releases a first draft of the technical package for its 4.0 reporting framework

    Source: European Banking Authority

    The European Banking Authority (EBA) published today a draft technical package for version 4.0 of its reporting framework. This publication aims to provide an early version of the 4.0 release given that its reporting obligations will apply as of the first half of 2025. This package, whose final version will be released in December 2024, will facilitate a smoother transition to the new data point model (DPM) semantic glossary and the capabilities of the DPM 2.0 model.

    The package provides the standard specifications that include the validation rules, the DPM and the XBRL taxonomies to support the following reporting obligations:

    This draft technical package includes a version of the data dictionary contents in both formats the DPM 1.0 and the new format DPM 2.0.

    The  DPM Query Tool has also been updated to reflect the current release. 

    Background and next steps

    The final version of the technical package for the 4.0 reporting framework will be published in December and will include the changes suggested by the three ESAs in the Opinion, published on 15 October, on the European Commission’s (EC) rejection of the draft ITS on the registers of information under the Digital Operational Resilience Act (DORA). Together with this technical package the EBA is publishing a set of Q&As providing additional explanations, including on the next steps as well as on the package to be published in December.

    The EBA published in June new Implementing Technical Standards specifying the reporting obligations under Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR).

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI: Aurora Mobile’s EngageLab Partners with Tao Ji Yun to Jointly Promote Highly Efficient Logistics

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its subsidiary EngageLab, a leading global multi-channel user engagement solution provider, has established a strategic partnership with Tao Ji Yun, a new generation consolidated shipping platform in Hong Kong under Shenzhen Trans-Jiang Logistics Co., Ltd. The partnership will help Tao Ji Yun achieve millisecond omni-channel messaging, improve the efficiency of global customer engagement, and further strengthen its global competitiveness.

    Tao Ji Yun has become one of the largest and most capable consolidated shipping companies in cross-border e-commerce logistics in Hong Kong. Known for its professional and efficient services, Tao Ji Yun is committed to providing convenient and cost-effective consolidated shipping services to Mainland China e-commerce sellers and Hong Kong buyers, optimizing logistics processes and reducing shipping costs to facilitate mutual benefits for both parties.

    The immediate update and accurate delivery of logistics information is core to Tao Ji Yun’s global operations. EngageLab’s AppPush, which provides push notification services for apps, integrates push messaging channels from eight mobile brands and one self-built channel, ensuring that every logistics update from Tao Ji Yun can be quickly and accurately delivered to users around the world. Whether it’s logistics tracking, freight settlement or after-sales service, users can access the latest logistics information anytime, anywhere. This instant cross-regional messaging not only greatly enhances shopping experience and customer satisfaction, but also will provide a strong impetus to Tao Ji Yun’s global sales growth.

    EngageLab’s AppPush has a global network with multiple channels and data nodes, enabling complementary channel messaging, real-time intelligent redispatch, and multi-point service backups. It can handle large volumes of messages worldwide, and comprehensively ensures message delivery in terms of technical architecture and infrastructure. AppPush processes tens of billions of messages globally every day, ensuring messaging with high concurrency, reliability, stability, security, and efficiency. It achieves millisecond message delivery and ensures smooth operation even during peak business hours. This exceptional performance will enable Tao Ji Yun to maintain accurate and efficient messaging even in the face of immense global business volumes, significantly reducing user reach costs and improving operational efficiency.

    In the area of personalized services, AppPush offers seven message styles and ten user segmentation rules, enabling precise user targeting. It supports full lifecycle data tracking and multi-dimensional message funnels, helping to build user behavior profiles and providing Tao Ji Yun with global intelligent support. Based on messaging data, Tao Ji Yun can build refined user profiles to provide more personalized logistics services and product recommendations. For example, for Hong Kong buyers who frequently purchase bulk goods, Tao Ji Yun can push more favorable consolidated shipping options and freight discount information, further enhancing customer loyalty and satisfaction and shaping its global brand reputation.

    Improving service quality and optimizing customer experience are critical to maintaining a competitive edge in the global cross-border e-commerce logistics market. By working with EngageLab, Tao Ji Yun will not only improve the efficiency of customer engagement, but also accelerate its digital transformation and further strengthen its service capabilities. Going forward, Tao Ji Yun will continue to work with EngageLab, leveraging AppPush’s accurate, efficient, stable and secure push services as the foundation to continuously optimize logistics processes and improve customer engagement efficiency. This will provide global customers with more convenient and cost-effective consolidated shipping services. Meanwhile, Aurora Mobile will continue to support Tao Ji Yun to improve service quality, enhance corporate image, effectively promote its development, and jointly strive to create a more professional, efficient and convenient cross-border e-commerce logistics platform.

    About EngageLab

    As a leading provider of multi-channel user engagement solutions under Aurora Mobile, EngageLab is dedicated to delivering omnichannel messaging solutions to global enterprises and developers. These solutions enable more precise user outreach strategies, lower messaging costs, higher message delivery rates, and improved user conversion rates. EngageLab has steadily increased its market share and become an internationally recognized overseas messaging service platform. Currently, EngageLab has worked with hundreds of leading companies in 29 countries and regions worldwide and across various industries, including technology, internet, mobile, video, media, automotive and finance.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Home BancShares, Inc. Announces Fourth Quarter Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., Oct. 23, 2024 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.195 per share quarterly cash dividend payable December 4, 2024, to shareholders of record November 13, 2024. This cash dividend represents a $0.015 per share, or 8.3%, increase over the $0.18 cash dividend paid during the fourth quarter of 2023 and is consistent with the dividend paid during the third quarter of 2024.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:
    Donna Townsell
    Senior Executive Vice President &
       Director of Investor Relations
    (501) 328-4625

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Resume trading for the SKAGEN funds

    Source: GlobeNewswire (MIL-OSI)

                                                                                                              Lysaker, 23 October 2024

    The suspension is lifted for the five below funds, and the live trading on Nasdaq Copenhagen can resume.

    Regards

    Storebrand Asset Management AS

    Contacts:

    Kim Toftegaard Andreassen, Director, Kim.Toftegaard.Andreassen@storebrand.com

    Frode Aasen, Product Manager, fdc@storebrand.com

    Fund name and share class Symbol ISIN
    SKAGEN Focus A SKIFOA NO0010735129
    SKAGEN Global A SKIGLO NO0008004009
    SKAGEN Kon-Tiki A SKIKON NO0010140502
    SKAGEN m2 A SKIM2 NO0010657356
    SKAGEN Vekst A SKIVEK NO0008000445

    Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billions, and also a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 25 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Delphi Funds, SKAGEN Funds and Storebrand Funds.

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Spar Nord revises its financial guidance

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 64
     

    Spar Nord revises its expectations for profit after tax for 2024 to DKK 2,100-2,300 million.

    In Interim report H1 2024, Spar Nord reiterated its full-year 2024 guidance for profit after tax at the DKK 1,950-2,250 million range and guidance for full-year core earnings before impairment at the DKK 2.600-3,000 million range.

    In Q3 2024, core earnings before impairment has been in line with the Bank’s expectations while a persistently strong credit quality for the bank’s retail and business customers has led to a minor net reversal of impairments for the sixth consecutive quarter in a row.

    Against this background, Spar Nord now expects a profit impact from impairment charges of around DKK 0 million for 2024.

    As a result, the bank’s full-year guidance for profit after tax is revised to DKK 2,100-2,300 million.

    Furthermore, full-year guidance for core earnings before impairment is narrowed to the DKK 2,700-3,000 million range.

    Spar Nord’s financial report for Q3 2024 will be released as scheduled on 31 October 2024.

    Please direct any questions regarding this release to Rune Brandt Børglum, Head of Investor Relations, on tel. + 45 9634 4236.

    Rune Brandt Børglum
    Head of Investor Relations

    Attachment

    • No. 64 – Spar Nord revises its financial guidance – UK

    The MIL Network –

    January 24, 2025
  • MIL-Evening Report: Politics with Michelle Grattan: Sally McManus on what unions want from Labor and Innes Willox on business wish list for Dutton

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Industrial relations will be hotly contested at next year’s election.

    Labor has introduced a raft of new worker protections and pushed for wage increases for lower paid workers.
    Business groups have argued against further red tape and claimed the government’s new regulations have contributed to rising costs.

    The union movement, meanwhile, has been mired in the fallout from the CFMEU controversy, with some union leaders angry over the government and ACTU’s tough treatment of that union after revelations of its infiltration by criminals.

    To talk about these issues and more, we’re joined by ACTU secretary Sally McManus and Innes Willox, the head of the Australian Industry Group, one of the peak employer groups.

    On how to fix the construction industry, Willox advocates an oversight body but not the reintroduction of the Australian Building and Construction Commission,

    We believe that the construction sector does require its own oversight. We had the ABCC previously. We’re not saying go back to that. You don’t have to replicate that model entirely. But the sector has shown that it does require an oversight body that has the ability to launch both civil and criminal claims for poor behaviour. You’re not going to clean it up through sort of task forces and the like, which actually don’t do anything on the ground to change and moderate behaviour.

    What other changes to industrial relations would employers want from a Coalition government?

    I think what we can expect or hope that the Coalition will look long and hard at things like the right to disconnect. Which came from nowhere. It came out of left field right at the end of a process. It’s created huge uncertainty in workplaces. It’s a bit of a minefield both for employers and employees.

    The definition of’casual’ is now a 17-page manual that employers have to work through, rather than a straightforward definition. We’d hope that the Coalition would look at that. And, of course, union right-of-entry powers which have now tilted the balance totally in favour of unions. They’re the sort of things we think that they should look at as a priority and examine what they can do to take off the rough edges that have been put in place there.

    On the unions’ wish list from Labor, McManus says they are talking with the government about further action on the issue of equality.

    At the moment, the gender pay gap is at the lowest ever recorded. So that’s a good thing. But in terms of equality in the workplace, that issue is still a big one, and there is a big push that we are making for reproductive leave. This isn’t just for women, it’s also for men.

    So many women suffer from things like painful periods. Of course, there’s a whole issue of menopause.

    For men, there’s a whole lot of issues to do with reproductive issues as well. […] So this is something that we are talking to the government about and campaigning around.

    Another issue is that of youth wages:

    It’s really totally outrageous that 19, 20-year-olds are paid discount wages in Australia. It’s not acceptable in 2024-2025 and should be fixed. The union movement’s taking it up at the moment and have got rid of it in a lot of industries, and we want to finish the job. So we’re going to try and achieve that through campaigning and through the industrial commission. But if we don’t, if there’s no way of fixing it that way, there’ll be no option then other than to say to the government, listen, ball’s in your court now.

    On the split in the union movement over the government and ACTU actions against the construction division of the CFMEU, McManus says the ACTU will continue to keep its door open,

    Look, no one likes what’s happened. No one likes the fact that, obviously, that union was infiltrated by organised crime, outlaw motorcycle gangs. And no one supports corruption. The other construction union who works with the CFMEU all the time, which is the ETU, the Electrical Trades Union – they’re the ones who have disaffiliated from the ACTU.

    They’re mates, they’re all mates, right? And so, obviously, they’re also not happy with what’s happened. And obviously we will always keep the door open and encourage unity. The ACTU is a place where truck drivers and community workers and teachers and nurses and road workers, everyone of every profession, gets together and talks. It’s always a good thing because you’re listening to other people and you’re stronger together.

    Michelle Grattan 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. Politics with Michelle Grattan: Sally McManus on what unions want from Labor and Innes Willox on business wish list for Dutton – https://theconversation.com/politics-with-michelle-grattan-sally-mcmanus-on-what-unions-want-from-labor-and-innes-willox-on-business-wish-list-for-dutton-242019

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-OSI NGOs: Uganda: ‘Drastic’ increase in online attacks against LGBTQ people having ‘devastating consequences’ – New Report

    Source: Amnesty International –

    Amnesty research reveals widespread patterns of online violence against LGBTQ people, including blackmailing, outing and threats of physical attack

    Cases of police using social media to connect with individuals before targeting them with physical violence and blackmail

    ‘Nowadays, digital spaces, which are so vital for LGBTQ people in Uganda, are often no safer than offline spaces’ – Roland Ebole

    Online attacks against Uganda’s LGBTQ communities have drastically increased, owing to overly broad laws that criminalise various aspects of the lives of LGBTQ people and entrench discrimination, Amnesty International said in a new report published today.

    The report – “Everybody Here Is Having Two Lives and Phones”: The Devastating Impact of Criminalisation On Digital Spaces for LGBTQ People in Uganda – is based on research across six Ugandan cities and neighbouring areas, including 64 interviews with LGBTQ people and organisations.

    The research reveals widespread patterns of technology-facilitated gender-based violence against LGBTQ people in Uganda. It documents cases of doxing, outing, threats of violence, blackmailing, impersonation, hacking and disinformation – further marginalising LGBTQ people, especially those from disadvantaged socio-economic backgrounds – and highlights not only the failure of state authorities to prevent or address these abuses, but also their active role in encouraging and condoning them, exposing LGBTQ people to grave human rights abuses.

    The Anti-Homosexuality Act 2023, in particular, has fostered a climate of impunity for attacks against LGBTQ people, forcing both individuals and organisations to significantly alter how they present themselves and engage with people online.

    Amnesty has documented numerous instances where police have seized devices or data of LGBTQ people by threatening them with arrest and found cases where both police and members of the general public have used social media platforms to connect with LGBTQ people before targeting them with physical violence and blackmailing. Blackmail was the most prevalent form of technology-facilitated gender-based violence noted across all locations.

    Shreshtha Das, Amnesty International’s Gender Researcher, said:

    “Our research shows that, while LGBTQ activists and organisations have continued to use digital spaces in a very hostile environment, the stigma, violence, and discrimination they face in offline spaces has been mirrored and amplified in digital spaces.

    “Technology-facilitated gender-based violence has devastating consequences for LGBTQ people, as online targeting can result in offline consequences, including arbitrary arrests, torture and other ill-treatment, forced evictions, dismissal from work, exposure to offline violence, as well as stress, anxiety and depression.”

    A ‘witch hunt’

    LGBTQ people and organisations in Uganda rely on digital platforms to connect with their communities, share information about sexual health services, and protect their rights.

    The prevalence of technology-facilitated gender-based violence has severely limited the possibilities for LGBTQ people to access, communicate and come together in digital spaces, while also hindering the outreach efforts of many organisations.

    Those providing health services to marginalised groups have been forced to avoid advertising their services online, fearing that the authorities could arbitrarily suspend their registration based on spurious accusations of “promoting homosexuality”.

    Marco Perolini, Amnesty International’s Civic Space Policy Advisor, said:

    “Instead of adopting policies to combat technology-facilitated gender-based violence, the Ugandan authorities have clamped down on human rights defenders and organisations, placing discriminatory restrictions on their work. Their acts amount to a witch-hunt against those perceived as “promoting homosexuality”, creating a chilling effect on the rights to freedom of expression and association.”

    Prejudicial laws worsening homophobia and transphobia

    While technology-facilitated gender-based violence against LGBTQ individuals was common in Uganda before, its severity and prevalence have surged since the passage of the Anti-Homosexuality Act 2023, which has intensified homophobic and transphobic public discourse.

    All interviewees told Amnesty that they would not report technology-facilitated gender-based violence to the police due to fears of being outed, blackmailed or arrested. In the few instances when LGBTQ people reported cases, the police failed to take any action and instead subjected them to further humiliation.

    Roland Ebole, Amnesty International’s Uganda researcher, said:

    “Nowadays digital spaces, which are so vital for LGBTQ people in Uganda, are often no safer than offline spaces — they are experiencing discrimination and violence in both.”

    LGBTQ individuals and organisations said that reporting cases of technology-facilitated gender-based violence on social media platforms remained challenging. They often did not know how to report abuses. In spite of social media platforms’ policies to address technology-facilitated gender-based violence, concerns remain regarding content moderation, especially in widely spoken local languages other than English.

    Out of all the organisations Amnesty wrote to – including various government authorities in Uganda, private organisations, and social media companies (Meta, TikTok and X) – only Meta and TikTok responded. Their responses have been reflected in the report.

    Amnesty’s calls

    Amnesty is calling on the Ugandan Parliament to immediately repeal the Anti-Homosexuality Act 2023 and other laws that criminalise acts and behaviours that disproportionately impact LGBTQ people.

    The authorities must also establish an independent mechanism to conduct effective, prompt, impartial, and independent investigations into allegations of technology-facilitated gender-based violence and other human rights violations committed against LGBTQ people.

    MIL OSI NGO –

    January 24, 2025
  • MIL-OSI China: China to kick off monthlong consumption campaign in five big cities

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

    BEIJING, Oct. 23 — China will launch a monthlong campaign to promote consumption in November as part of its efforts to bolster consumer spending, the Ministry of Commerce said Wednesday.

    The consumption promotion month will kick off next month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing.

    It will feature a series of activities promoting consumption in shopping, catering, tourism, exhibitions and performances, among others, according to the ministry.

    Relevant departments and localities have been asked to refine their plans to implement the promotion month and introduce practical measures to foster the continuous recovery of the country’s consumer market.

    China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year to expand domestic demand and shore up the economy.

    China’s retail sales of consumer goods went up 3.3 percent year on year in the first three quarters of this year, official data showed.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI United Kingdom: New initiative to boost growth and innovation for Winchester district businesses

    Source: City of Winchester

    IncuHive Chief Executive Officer George Scott-Welsh and Cabinet member for Business and Culture Cllr Lucille Thompson

    Entrepreneurs, early-stage startups, and small- to medium-sized businesses across the Winchester district are being encouraged to get involved in a new initiative to boost their growth and inspire innovation.

    The Business Growth Factory, delivered by IncuHive in partnership with Winchester City Council, will provide businesses with crucial skills, such as the ability to identify target markets, effectively manage finances and make successful investment pitches.

    The programme itself features a mix of tailored support, expert-led mentoring and hands-on workshops to help participants make the most of the support on offer and make sure they have the tools and insights needed to thrive in competitive marketplaces.

    The programme is provided completely free of charge thanks to funding from the UK government through the UK Shared Prosperity Fund.

    Winchester City Council’s Cabinet Member for Business and Culture, Councillor Lucille Thompson, said:

    “Local entrepreneurship is a vital part of our district’s vibrant local economy and it’s hugely important that our start-ups and small businesses have the support they need.

    “I’m really pleased that we’ve been able to partner with IncuHive on this fantastic initiative to empower our local business community by equipping them with important skills for growth”.

    The Business Growth Factory is open to new entrepreneurs, early-stage startups and small businesses in the Winchester district.

    Those interested can apply by visiting incuhive.co.uk/acceleration-investment/winchester-cc-business-growth-factory and completing the online application form.

    Last Updated: Wednesday 23 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI: Aktia’s interim report for January–September will be published on Wednesday 6 November 2024 at 8.00 a.m.

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Press release
    23 October 2024 at 1.00 p.m.

    Aktia’s interim report for January–September will be published on Wednesday 6 November 2024 at 8.00 a.m.

    Aktia’s interim report for January–September 2024 will be published on Wednesday 6 November 2024 at 8.00 a.m. (EET). The interim report is available at Aktia’s website http://www.aktia.com after the publication.

    Briefing for analysts, investors and media

    Aktia’s briefing for analysts, investors and media will be held in English at Flik Studio Eliel (Sanoma House, 1st floor, Töölönlahdenkatu 2, Helsinki) on Wednesday 6 November 2024 at 10.30 a.m. Aktia’s CEO Aleksi Lehtonen and interim CFO Karri Varis will be presenting the results. Attendees are kindly asked to register before 1 November 2024 by email at the address ir@aktia.fi.

    The briefing can be seen live as a webcast or as a recording after the briefing at https://aktia.videosync.fi/aktia-pankki-oyj-q3-report-2024. Questions can be asked in writing during the live webcast.

    The presentation material in English is available at Aktia’s website http://www.aktia.com before the briefing.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

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

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 June 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.4 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Panopto Adds Generative AI Text-to-Video Creation Capabilities Through Its Acquisition of Elai

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, Oct. 23, 2024 (GLOBE NEWSWIRE) — Today, Panopto, the global leader in AI-powered video creation and management solutions, announced its acquisition of Elai, a revolutionary AI text-to-video platform that quickly generates engaging video content for learning with on-screen interactive playback, easy-to-use creator studio tools, and advanced avatar-based learning capabilities, including custom avatars and voice cloning options. With the addition of Elai’s AI video creation solution, the Panopto platform is the only secure video solution capable of supporting the full video learning lifecycle from creation and management to sharing and measuring impact.

    Founded in 2021 and based in Lewes, Delaware, Elai serves more than 2,000 global customers in a variety of industries, ranging from manufacturers of personal care products, medical equipment and industrial machinery to software companies, hospitals and universities. Elai’s guided storyboard scriptwriting, custom avatar-building, and personal design features, powered by text-to-video AI, support the creation of accessible learning content, helping organizations and institutions create more equitable learning experiences.

    Through this acquisition, Panopto addresses the growing challenges faced by learning experience designers and content creators, who are under pressure to produce engaging, personalized, and interactive content faster than ever. Traditional content creation is time-consuming, while modern learners demand immediacy and relevance, often leaving materials outdated before they can be fully utilized.

    With the power of generative AI, Panopto revolutionizes content creation by improving speed, efficiency, and quality. Now, with lifelike avatars delivering scripts in any language, integrated quizzes, interactivity and branching options, instructors and subject matter experts can create dynamic learning experiences quickly. Panopto’s smart chaptering and intelligent search features ensure that these innovative, personalized materials reach the right learners exactly when needed.

    “Generative AI transforms how enterprise organizations work and learn, operationalize teams, innovate processes, and engage with their employees. With traditional training methods, creating learning content at scale can be cumbersome and costly,” said Jason Beam, CEO at Panopto. “With the capabilities of Elai added to the Panopto platform, we’re equipping our customers with a complete solution to create, deliver and personalize the video learning journey.”

    “Elai is excited to join forces with Panopto and continue our mission to support agile training models that meet the challenges of a rapidly evolving future,” said Vitalii Romanchenko, CEO and Founder at Elai. “Engaging content is foundational to learning and Panopto shares our vision of user-friendly AI innovation that simplifies content creation and inspires users across all organizations to turn bright ideas into learning content worth sharing.”

    “Workforces are getting smarter, especially with new technologies that optimize the delivery of scalable training, like AI-generative content,” said Jim Lundy, Aragon Research CEO and Founder. “Platforms like Panopto, with their recent acquisition of Elai and integrated video learning capabilities, provide a range of options for organizations seeking to create and deliver training content. While these advancements offer potential benefits in terms of efficiency and scalability, it’s important for business leaders to carefully evaluate their specific needs and consider the full range of available solutions.”

    About Panopto
    Panopto is the leading AI-powered video learning platform for organizations of all sizes, from modern workforces to college campuses. With fully integrated generative AI creator tools and publishing and engagement features, Panopto transforms ideas, lectures, training, and events into on-demand and accessible learning experiences, empowering organizations to design a smarter future of working and learning with video. To learn more, visit Panopto.com.

    About Elai
    Elai enables enterprises and institutions to create high-quality video content quickly and efficiently, revolutionizing traditional video production. An AI-powered text-to-video platform that offers interactive playback, intuitive creator tools, and advanced avatar-based learning, including custom avatars and voice cloning – Elai is a game-changer for organizations that prioritize learning. For more, visit Elai.io.

    Contact:
    Rebecca Reese
    Panopto@meetkickstand.com
    (603) 305-4155

    A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2febcb2-58e3-42c9-a112-6124b210f211

    The MIL Network –

    January 24, 2025
  • MIL-OSI Asia-Pac: USEE attends Third Belt and Road Energy Ministerial Conference (with photos)

    Source: Hong Kong Government special administrative region

    USEE attends Third Belt and Road Energy Ministerial Conference (with photos)
    USEE attends Third Belt and Road Energy Ministerial Conference (with photos)
    ****************************************************************************

         The Under Secretary for Environment and Ecology, Miss Diane Wong, attended the Third Belt and Road Energy Ministerial Conference in Qingdao today (October 23) and was invited to speak at a thematic forum.     The Conference was organised by the National Energy Administration and the Shandong Provincial People’s Government. The theme of the Conference this year is “Together for an Innovative and Win-Win Future”, promoting high-quality green energy co-operation under the Belt and Road Initiative. In delivering her speech at the “Embracing the Green Development Trend and Enhancing Innovation in Energy Policy and Mechanism” thematic forum, Miss Wong highlighted the energy policy measures of the Hong Kong Special Administrative Region (HKSAR) Government to support the country’s contribution to combating global climate change, as well as the decarbonisation strategies to achieve carbon neutrality before 2050.     Miss Wong said, “The HKSAR Government is actively developing renewable energy, exploring new energy sources for electricity generation and strengthening regional co-operation, with a view to increasing zero-carbon electricity supply, reducing carbon emissions at source and achieving the goal of carbon neutrality in the long run. Our country’s headway in building a sustainable future is also providing the HKSAR with bountiful development opportunities. With our country’s development of top-notch green products and advanced technologies, the HKSAR Government could leverage our unique position and distinctive edge to play a pivotal role in stepping up efforts to promote new energy.”     She added that the Chief Executive has promulgated the 2024 Policy Address, themed “Reform for Enhancing Development and Building Our Future Together”, with the announcement that the HKSAR Government will earmark around $750 million under the New Energy Transport Fund to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and will launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles. Furthermore, the HKSAR Government will earmark $300 million for a new scheme, providing subsidies to the private sector for installing fast-charging facilities. The target is to have a total of 3 000 fast chargers installed by 2030. Regarding hydrogen energy development, the HKSAR Government announced the Strategy of Hydrogen Development in Hong Kong in June and will actively support the industry to establish a solar-to-hydrogen facility for demonstration. It also plans to introduce a bill next year to ensure the safe use of hydrogen fuel, and will also formulate the approach of hydrogen standard certification suitable to Hong Kong.     She said that co-operation between the Government and various parties is crucial for spearheading innovation, enacting policies, and cultivating an environment conducive to green transformation. The HKSAR Government will work together with nearby cities and regions under the framework of the Belt and Road Initiative to actualise a sustainable future.     Miss Wong will return to Hong Kong tomorrow morning (October 24).

     
    Ends/Wednesday, October 23, 2024Issued at HKT 18:12

    NNNN

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: CEDD deeply saddened by passing of worker

    Source: Hong Kong Government special administrative region

         The Director of Civil Engineering and Development, Mr Michael Fong, today (October 23) was deeply saddened by the passing of a subcontractor’s worker who fell into the sea at the Tuen Mun Area 38 Fill Bank earlier. Mr Fong expressed his deepest condolences to the deceased’s family. The Civil Engineering and Development Department (CEDD) is working with the contractor to provide appropriate assistance to the deceased’s family.

         The worker fell into the sea after assisting with the berthing of a vessel on October 21. The Fire Services Department recovered a body underwater around 7.30am today near a pier at the Tuen Mun Area 38 Fill Bank. The body was later confirmed to be the worker who fell into the sea and went missing earlier.

         The CEDD is rendering full assistance to investigations by the Labour Department and the Police on the cause of the incident. The CEDD requires contractors and subcontractors to strictly comply with safety guidelines. After the incident, the CEDD immediately requested the contractor and subcontractor to suspend relevant works and carry out a thorough review on safety measures to prevent a reoccurrence of similar incidents.

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI: TransUnion Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded third quarter 2024 financial guidance for revenue and earnings
    • Accelerated revenue growth to 12 percent, driven by U.S. Financial Services, Insurance, Consumer Interactive and International, while executing on technology modernization and transformation program savings
    • Voluntarily prepaid $25 million in debt, bringing total prepayments to $105 million in 2024
    • Raising 2024 financial guidance, we now expect to deliver 9 percent revenue growth for the year

    CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Results

    Revenue:

    • Total revenue for the quarter was $1,085 million, an increase of 12 percent (12 percent on a constant currency basis), compared with the third quarter of 2023.

    Earnings:

    • Net income attributable to TransUnion was $68 million for the quarter, compared with a loss of $319 million for the third quarter of 2023. Diluted earnings per share was $0.35, compared with a loss per share of $1.65 in the third quarter of 2023. Net income attributable to TransUnion margin was 6.3 percent, compared with a loss of 32.9 percent in the third quarter of 2023. Our third quarter 2023 net income (loss) attributable to TransUnion, diluted loss per share and net income (loss) attributable to TransUnion margin were impacted by a $414 million non-cash goodwill impairment expense for our United Kingdom reporting unit in the period.
    • Adjusted Net Income was $205 million for the quarter, compared with $177 million for the third quarter of 2023. Adjusted Diluted Earnings per Share was $1.04, compared with $0.91 in the third quarter of 2023.
    • Adjusted EBITDA was $394 million for the quarter, compared with $356 million for the third quarter of 2023, an increase of 11 percent (11 percent on a constant currency basis). Adjusted EBITDA margin was 36.3 percent, compared with 36.8 percent in the third quarter of 2023.

    “In the third quarter, TransUnion exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets grew by double-digits against stable market conditions, driven by mortgage strength, improving non-mortgage financial services, accelerating insurance growth and large breach remediation wins. Our International segment delivered double-digit organic constant currency revenue growth across India, Latin America, Asia Pacific and Africa.”

    “We continue to progress well against our transformation program. We now expect to capture $85 million of operating expense savings in 2024, driven by strong execution against our operating model optimization to expand our Global Capability Center network. Additionally, our technology modernization is accelerating our pace of innovation with several new capabilities and products launched in the quarter, powered by OneTru.”

    “We are raising our 2024 guidance and now expect to deliver 9 percent revenue growth, reflecting third quarter outperformance, stronger mortgage volumes and broad-based strength across the portfolio.”

    Third Quarter 2024 Segment Results

    U.S. Markets:

    U.S. Markets revenue was $848 million, an increase of 12 percent compared with the third quarter of 2023.

    • Financial Services revenue was $367 million, an increase of 17 percent compared with the third quarter of 2023.
    • Emerging Verticals revenue was $307 million, an increase of 3 percent compared with the third quarter of 2023.
    • Consumer Interactive revenue was $174 million, an increase of 21 percent compared with the third quarter of 2023.

    Adjusted EBITDA was $320 million, an increase of 9 percent compared with the third quarter of 2023.

    International:

    International revenue was $242 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the third quarter of 2023.

    • Canada revenue was $39 million, an increase of 7 percent (9 percent on a constant currency basis) compared with the third quarter of 2023.
    • Latin America revenue was $33 million, an increase of 7 percent (13 percent on a constant currency basis) compared with the third quarter of 2023.
    • United Kingdom revenue was $58 million, an increase of 6 percent (4 percent on a constant currency basis) compared with the third quarter of 2023.
    • Africa revenue was $17 million, an increase of 12 percent (10 percent on a constant currency basis) compared with the third quarter of 2023.
    • India revenue was $68 million, an increase of 21 percent (23 percent on a constant currency basis) compared with the third quarter of 2023.
    • Asia Pacific revenue was $26 million, an increase of 11 percent (11 percent on a constant currency basis) compared with the third quarter of 2023.

    Adjusted EBITDA was $110 million, an increase of 14 percent (15 percent on a constant currency basis) compared with the third quarter of 2023.

    Liquidity and Capital Resources

    Cash and cash equivalents was $643 million at September 30, 2024 and $476 million at December 31, 2023.

    For the nine months ended September 30, 2024, cash provided by operating activities was $579 million, compared with $444 million in 2023. The increase in cash provided by operating activities was primarily due to improved operating performance, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the nine months ended September 30, 2024, cash used in investing activities was $195 million, compared with $231 million in 2023. The decrease in cash used in investing activities was due primarily to prior year investments in non-consolidated affiliates and lower capital expenditures. For the nine months ended September 30, 2024, capital expenditures were $199 million, compared with $213 million in 2023. Capital expenditures as a percent of revenue represented 6% and 7% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, cash used in financing activities was $220 million, compared with $375 million in 2023. The decrease in cash used in financing activities was primarily due to a decrease in debt prepayments.

    Fourth Quarter and Full Year 2024 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,014     $ 1,034     $ 4,161     $ 4,181  
    Revenue growth1:                
    As reported     6 %     8 %     9 %     9 %
    Constant currency1, 2     6 %     8 %     8 %     9 %
    Organic constant currency1, 3     6 %     8 %     8 %     9 %
                     
    Net income attributable to TransUnion   $ 65     $ 77     $ 284     $ 295  
    Net income attributable to TransUnion growth     n/m       n/m       238 %     243 %
    Net income attributable to TransUnion margin     6.4 %     7.4 %     6.8 %     7.1 %
                     
    Diluted Earnings per Share   $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Diluted Earnings per Share growth   n/m       n/m       237 %     243 %
                     
    Adjusted EBITDA, as reported5   $ 360     $ 375     $ 1,488     $ 1,503  
    Adjusted EBITDA growth, as reported4     10 %     15 %     11 %     12 %
    Adjusted EBITDA margin     35.5 %     36.2 %     35.8 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.92     $ 0.98     $ 3.87     $ 3.93  
    Adjusted Diluted Earnings per Share growth     14 %     21 %     15 %     17 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
      2. There is no impact from recent acquisitions for Q4 2024 and FY 2024.
      3. The impact of mortgage is expected to be approximately 5 points of benefit for Q4 2024 and approximately 4 points of benefit for FY 2024.
    2. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
    3. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q4 2024 and FY 2024.
    4. Additional Adjusted EBITDA assumptions:
      1. The impact of changing foreign currency exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
    5. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

    Earnings Webcast Details

    In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at http://www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business 

    Availability of Information on TransUnion’s Website

    Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on http://www.transunion.com/tru.

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

    Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

    • macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
    • our ability to provide competitive services and prices;
    • our ability to retain or renew existing agreements with large or long-term customers;
    • our ability to maintain the security and integrity of our data;
    • our ability to deliver services timely without interruption;
    • our ability to maintain our access to data sources;
    • government regulation and changes in the regulatory environment;
    • litigation or regulatory proceedings;
    • our ability to effectively manage our costs;
    • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
    • our ability to remediate existing material weakness in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures;
    • economic and political stability in the United States and international markets where we operate;
    • our ability to effectively develop and maintain strategic alliances and joint ventures;
    • our ability to timely develop new services and the market’s willingness to adopt our new services;
    • our ability to manage and expand our operations and keep up with rapidly changing technologies;
    • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
    • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
    • our ability to defend our intellectual property from infringement claims by third parties;
    • geopolitical conditions and other risks associated with our international operations;
    • the ability of our outside service providers and key vendors to fulfill their obligations to us;
    • further consolidation in our end-customer markets;
    • the increased availability of free or inexpensive consumer information;
    • losses against which we do not insure;
    • our ability to make timely payments of principal and interest on our indebtedness;
    • our ability to satisfy covenants in the agreements governing our indebtedness;
    • our ability to maintain our liquidity;
    • share repurchase plans; and
    • our reliance on key management personnel.

    There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

    The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

    For More Information

    TRANSUNION AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)
    (in millions, except per share data)

        September 30,
    2024
      December 31,
    2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 643.2     $ 476.2  
    Trade accounts receivable, net of allowance of $18.2 and $16.4     798.4       723.0  
    Other current assets     228.2       275.9  
    Total current assets     1,669.8       1,475.1  
    Property, plant and equipment, net of accumulated depreciation and amortization of $858.3 and $804.4     181.5       199.3  
    Goodwill     5,184.5       5,176.0  
    Other intangibles, net of accumulated amortization of $3,055.8 and $2,719.8     3,356.9       3,515.3  
    Other assets     661.1       739.4  
    Total assets   $ 11,053.8     $ 11,105.1  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Trade accounts payable   $ 319.4     $ 251.3  
    Short-term debt and current portion of long-term debt     66.5       89.6  
    Other current liabilities     609.8       661.8  
    Total current liabilities     995.7       1,002.7  
    Long-term debt     5,134.9       5,250.8  
    Deferred taxes     481.8       592.9  
    Other liabilities     120.2       153.2  
    Total liabilities     6,732.6       6,999.6  
    Stockholders’ equity:        
    Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2024 and December 31, 2023, 201.4 million and 200.0 million shares issued at September 30, 2024 and December 31, 2023, respectively, and 194.9 million and 193.8 million shares outstanding as of September 30, 2024 and December 31, 2023, respectively     2.0       2.0  
    Additional paid-in capital     2,524.3       2,412.9  
    Treasury stock at cost, 6.6 million and 6.2 million shares at September 30, 2024 and December 31, 2023, respectively     (333.0 )     (302.9 )
    Retained earnings     2,312.6       2,157.1  
    Accumulated other comprehensive loss     (289.5 )     (260.9 )
    Total TransUnion stockholders’ equity     4,216.4       4,008.2  
    Noncontrolling interests     104.8       97.3  
    Total stockholders’ equity     4,321.2       4,105.5  
    Total liabilities and stockholders’ equity   $ 11,053.8     $ 11,105.1  
     

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Operations (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
         2024     2023     2024     2023 
    Revenue   $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
    Operating expenses                
    Cost of services (exclusive of depreciation and amortization below)     448.7       368.8       1,261.7       1,136.8  
    Selling, general and administrative     305.7       290.8       922.1       867.7  
    Depreciation and amortization     133.6       131.3       400.5       391.1  
    Goodwill impairment     —       414.0       —       414.0  
    Restructuring     40.5       —       66.8       —  
    Total operating expenses     928.6       1,205.0       2,651.0       2,809.6  
    Operating income (loss)     156.4       (236.3 )     495.9       67.3  
    Non-operating income and (expense)                
    Interest expense     (66.6 )     (72.7 )     (203.2 )     (217.2 )
    Interest income     7.8       5.0       19.9       15.1  
    Earnings from equity method investments     4.7       3.7       14.0       11.7  
    Other (expense) and income, net     (5.4 )     8.7       (26.2 )     (16.3 )
    Total non-operating income and (expense)     (59.6 )     (55.4 )     (195.4 )     (206.8 )
    Income (loss) from continuing operations before income taxes     96.8       (291.7 )     300.5       (139.5 )
    Provision for income taxes     (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Income (loss) from continuing operations     71.9       (313.9 )     231.6       (199.6 )
    Discontinued operations, net of tax     —       (0.5 )     —       (0.7 )
    Net income (loss)     71.9       (314.4 )     231.6       (200.3 )
    Less: net income attributable to the noncontrolling interests     (3.9 )     (4.3 )     (13.4 )     (11.9 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                                     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (in millions)

        Nine Months Ended September 30,
         2024    2023
    Cash flows from operating activities:        
    Net income (loss)   $ 231.6     $ (200.3 )
    Less: Discontinued operations, net of tax     —       0.7  
    Income (loss) from continuing operations     231.6       (199.6 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation and amortization     400.5       391.1  
    Goodwill impairment     —       414.0  
    Loss on repayment of loans     2.6       3.0  
    Deferred taxes     (94.1 )     (101.3 )
    Stock-based compensation     85.6       72.9  
    Loss on early termination of lease     40.5       —  
    Other     17.9       13.1  
    Changes in assets and liabilities:        
    Trade accounts receivable     (88.9 )     (104.2 )
    Other current and long-term assets     31.4       (42.4 )
    Trade accounts payable     44.2       16.9  
    Other current and long-term liabilities     (92.8 )     (19.7 )
    Cash provided by operating activities of continuing operations     578.5       443.8  
    Cash used in operating activities of discontinued operations     —       (0.2 )
    Cash provided by operating activities     578.5       443.6  
    Cash flows from investing activities:        
    Capital expenditures     (198.7 )     (213.2 )
    Proceeds from sale/maturities of other investments     —       63.9  
    Purchases of other investments     —       (43.7 )
    Investments in nonconsolidated affiliates     (5.9 )     (36.9 )
    Proceeds from the sale of investments in nonconsolidated affiliates     3.8       —  
    Payment related to disposal of discontinued operations     —       (0.5 )
    Other     5.7       (0.1 )
    Cash used in investing activities     (195.1 )     (230.5 )
    Cash flows from financing activities:        
    Proceeds from term loans     934.9       —  
    Repayments of term loans     (927.9 )     —  
    Repayments of debt     (141.0 )     (310.9 )
    Debt financing fees     (13.5 )     —  
    Proceeds from issuance of common stock and exercise of stock options     24.5       23.1  
    Dividends to shareholders     (61.7 )     (61.4 )
    Employee taxes paid on restricted stock units recorded as treasury stock     (30.1 )     (17.6 )
    Distributions to noncontrolling interests     (4.7 )     (8.5 )
    Cash used in financing activities     (219.5 )     (375.3 )
    Effect of exchange rate changes on cash and cash equivalents     3.1       (2.2 )
    Net change in cash and cash equivalents     167.0       (164.4 )
    Cash and cash equivalents, beginning of period     476.2       585.3  
    Cash and cash equivalents, end of period   $ 643.2     $ 420.9  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Non-GAAP Financial Measures

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

    Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

    Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

    Consolidated Adjusted EBITDA

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

    • Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
    • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
    • Provision for income taxes, as reported on our Consolidated Statements of Operations.
    • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
    • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
    • Operating model optimization program represents employee separation costs, facility lease exit costs, and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
    • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
    • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
    • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

    Consolidated Adjusted EBITDA Margin

    Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

    Adjusted Net Income

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

    • Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above).
    • Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
    • Stock-based compensation (see Consolidated Adjusted EBITDA above).
    • Operating model optimization program (see Consolidated Adjusted EBITDA above).
    • Accelerated technology investment (see Consolidated Adjusted EBITDA above).
    • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above).
    • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
    • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

    Adjusted Diluted Earnings Per Share

    Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

    Adjusted Provision for Income Taxes

    Management has excluded the following items from our provision for income taxes for the periods presented:

    • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
    • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
    • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

    Adjusted Effective Tax Rate

    Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income from continuing operations before income taxes.

    Leverage Ratio

    Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Since the Leverage Ratio is calculated on a trailing twelve month basis, prior period goodwill impairment is excluded as this expense may not directly correlate to the underlying performance of our business operations during that period and may vary significantly between periods. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

    This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

    Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

    Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

    SCHEDULE 1
    TRANSUNION AND SUBSIDIARIES
    Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
    (Unaudited)

        For the Three Months Ended September 30, 2024 compared with
    the Three Months Ended September 30, 2023
      For the Nine Months Ended September 30, 2024 compared with
    the Nine Months Ended September 30, 2023
        Reported   CC Growth1   Organic CC
    Growth2
      Reported   CC Growth1   Organic CC
    Growth2
    Revenue:                        
    Consolidated   12.0 %   12.2 %   12.2 %   9.4 %   9.4 %   9.4 %
    U.S. Markets   12.5 %   12.5 %   12.5 %   8.4 %   8.4 %   8.4 %
    Financial Services   17.1 %   17.1 %   17.1 %   13.5 %   13.5 %   13.5 %
    Emerging Verticals   3.3 %   3.3 %   3.3 %   4.0 %   4.0 %   4.0 %
    Consumer Interactive   21.4 %   21.3 %   21.3 %   6.0 %   6.0 %   6.0 %
    International   11.3 %   12.1 %   12.1 %   13.4 %   13.5 %   13.5 %
    Canada   6.8 %   8.6 %   8.6 %   11.5 %   12.7 %   12.7 %
    Latin America   7.2 %   12.7 %   12.7 %   11.8 %   10.9 %   10.9 %
    United Kingdom   6.0 %   3.7 %   3.7 %   4.9 %   2.5 %   2.5 %
    Africa   12.3 %   9.5 %   9.5 %   8.3 %   10.4 %   10.4 %
    India   21.5 %   23.1 %   23.1 %   25.4 %   27.0 %   27.0 %
    Asia Pacific   11.1 %   11.5 %   11.5 %   13.6 %   14.2 %   14.2 %
                             
    Adjusted EBITDA:                        
    Consolidated   10.5 %   10.9 %   10.9 %   10.9 %   11.0 %   11.0 %
    U.S. Markets   9.0 %   9.0 %   9.0 %   8.2 %   8.2 %   8.2 %
    International   13.9 %   15.3 %   15.3 %   17.4 %   17.9 %   17.9 %
    1.  Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
       
    2.  We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.

    SCHEDULE 2
    TRANSUNION AND SUBSIDIARIES
    Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024    2023    2024    2023
    Revenue:              
    U.S. Markets gross revenue              
    Financial Services $ 367.2     $ 313.7     $ 1,077.6     $ 949.6  
    Emerging Verticals   307.2       297.3       913.1       877.9  
    Consumer Interactive   173.7       143.1       455.1       429.4  
    U.S. Markets gross revenue $ 848.1     $ 754.0     $ 2,445.9     $ 2,256.9  
                   
    International gross revenue              
    Canada $ 39.4     $ 36.9     $ 115.9     $ 103.9  
    Latin America   33.5       31.2       100.9       90.2  
    United Kingdom   57.8       54.5       168.6       160.7  
    Africa   17.1       15.2       48.0       44.3  
    India   68.2       56.1       202.8       161.8  
    Asia Pacific   25.6       23.1       77.1       67.9  
    International gross revenue $ 241.6     $ 217.1     $ 713.3     $ 628.9  
                   
    Total gross revenue $ 1,089.6     $ 971.2     $ 3,159.2     $ 2,885.8  
                   
    Intersegment revenue eliminations              
    U.S. Markets $ (2.8 )   $ (1.0 )   $ (7.4 )   $ (4.6 )
    International   (1.9 )     (1.5 )     (4.8 )     (4.3 )
    Total intersegment revenue eliminations $ (4.7 )   $ (2.5 )   $ (12.3 )   $ (8.9 )
                   
    Total revenue as reported $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
                   
    Adjusted EBITDA:              
    U.S. Markets $ 319.9     $ 293.7     $ 920.9     $ 850.9  
    International   110.5       97.0       318.1       271.0  
    Corporate   (36.7 )     (34.5 )     (110.6 )     (104.3 )
    Adjusted EBITDA Margin:1              
    U.S. Markets   37.7 %     38.9 %     37.6 %     37.7 %
    International   45.7 %     44.7 %     44.6 %     43.1 %
    1.  Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024     2023     2024    2023 
    Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:              
    Net income (loss) attributable to TransUnion $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax   —       0.5       —       0.7  
    Income (loss) from continuing operations attributable to TransUnion $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Net interest expense   58.9       67.8       183.3       202.1  
    Provision for income taxes   24.9       22.2       68.9       60.1  
    Depreciation and amortization   133.6       131.3       400.5       391.1  
    EBITDA $ 285.4     $ (97.0 )   $ 870.8     $ 441.8  
    Adjustments to EBITDA:              
    Stock-based compensation   33.8       27.0       85.7       73.3  
    Goodwill impairment1   —       414.0       —       414.0  
    Mergers and acquisitions, divestitures and business optimization2   7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3   21.8       16.3       58.6       53.5  
    Operating model optimization program4   47.3       —       86.4       —  
    Net other5   (2.0 )     1.8       9.7       10.6  
    Total adjustments to EBITDA $ 108.3     $ 453.1     $ 257.5     $ 575.8  
    Consolidated Adjusted EBITDA $ 393.7     $ 356.1     $ 1,128.4     $ 1,017.6  
                   
    Net income (loss) attributable to TransUnion margin   6.3 %     (32.9 )%     6.9 %     (7.4 )%
    Consolidated Adjusted EBITDA margin5   36.3 %     36.8 %     35.9 %     35.4 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

     1.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     2.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023     2024    2023 
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments     —     (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7     —       9.4     5.1  
      Transition services agreement income     —     (1.1 )     —     (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     3.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     4.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023    2024    2023
      Employee separation   $ —   $ —   $ 24.7   $ —
      Facility exit     40.5     —     42.1     —
      Business process optimization     6.8     —     19.6     —
      Total operating model optimization   $ 47.3   $ —   $ 86.4   $ —
     5.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024     2023     2024     2023 
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0     $ 9.2     $ 3.1  
      Other debt financing expenses     0.5       0.3       1.6       1.5  
      Currency remeasurement on foreign operations     (1.7 )     0.8       (0.4 )     6.5  
      Other non-operating (income) expense     (0.8 )     (0.3 )     (0.7 )     (0.5 )
      Total other adjustments   $ (2.0 )   $ 1.8     $ 9.7     $ 10.6  
     6.  Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.


    SCHEDULE 3

    TRANSUNION AND SUBSIDIARIES
    Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Discontinued operations, net of tax     —       (0.5 )     —       (0.7 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
                     
    Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:                
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax     —       0.5       —       0.7  
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     71.5       72.1       214.9       221.2  
    Stock-based compensation     33.8       27.0       85.7       73.3  
    Goodwill impairment2     —       414.0       —       414.0  
    Mergers and acquisitions, divestitures and business optimization2     7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3     21.8       16.3       58.6       53.5  
    Operating model optimization program4     47.3       —       86.4       —  
    Net other5     (2.1 )     1.8       8.6       9.6  
    Total adjustments before income tax items   $ 179.6     $ 525.2     $ 471.3     $ 796.0  
    Total adjustments for income taxes6     (43.1 )     (29.5 )     (112.9 )     (85.2 )
    Adjusted Net Income   $ 204.5     $ 177.4     $ 576.6     $ 499.3  
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       194.6       196.3       194.8  
                     
    Adjusted Earnings per Share:                
    Basic   $ 1.05     $ 0.92     $ 2.97     $ 2.58  
    Diluted   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Reconciliation of Diluted earnings (loss) per share from Net income (loss) attributable to TransUnion to Adjusted Diluted Earnings per Share:                
    Diluted earnings (loss) per common share from:                
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Discontinued operations, net of tax     —       —       —       —  
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     0.36       0.37       1.09       1.14  
    Stock-based compensation     0.17       0.14       0.44       0.38  
    Goodwill impairment2     —       2.13       —       2.13  
    Mergers and acquisitions, divestitures and business optimization3     0.04       (0.03 )     0.09       0.13  
    Accelerated technology investment4     0.11       0.08       0.30       0.27  
    Operating model optimization program5     0.24       —       0.44       —  
    Net other6     (0.01 )     0.01       0.04       0.05  
    Total adjustments before income tax items   $ 0.91     $ 2.70     $ 2.40     $ 4.09  
    Total adjustments for income taxes7     (0.22 )     (0.15 )     (0.57 )     (0.44 )
    Adjusted Diluted Earnings per Share   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
     

    Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

     1.  Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
     2.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     3.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments     —     (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7     —       9.4     5.1  
      Transition services agreement income     —     (1.1 )     —     (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     4.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     5.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Employee separation   $ —   $ —   $ 24.7   $ —
      Facility exit     40.5     —     42.1     —
      Business process optimization     6.8     —     19.6     —
      Total operating model optimization   $ 47.3   $ —   $ 86.4   $ —
     6.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0   $ 9.2     $ 3.1
      Currency remeasurement on foreign operations     (1.7 )     0.8     (0.4 )     6.5
      Other non-operating (income) and expense     (0.5 )     —     (0.2 )     —
      Total other adjustments   $ (2.1 )   $ 1.8   $ 8.6     $ 9.6
     7.  Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

    SCHEDULE 4
    TRANSUNION AND SUBSIDIARIES
    Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
    Income (loss) from continuing operations before income taxes $ 96.8     $ (291.7 )   $ 300.5     $ (139.5 )
    Total adjustments before income tax items from Schedule 3   179.6       525.2       471.3       796.0  
    Adjusted income (loss) from continuing operations before income taxes $ 276.4     $ 233.5     $ 771.8     $ 656.5  
                   
    Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
    Provision for income taxes   (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Adjustments for income taxes:              
    Tax effect of above adjustments   (41.8 )     (27.9 )     (108.5 )     (90.1 )
    Eliminate impact of excess tax (benefit) expense for stock-based compensation   (2.3 )     0.7       (1.4 )     2.7  
    Other1   0.9       (2.2 )     (3.0 )     2.2  
    Total adjustments for income taxes $ (43.1 )   $ (29.5 )   $ (112.9 )   $ (85.2 )
    Adjusted Provision for Income Taxes $ (68.0 )   $ (51.7 )   $ (181.8 )   $ (145.3 )
                   
    Effective tax rate   25.7 %     (7.6 )%     22.9 %     (43.1 )%
    Adjusted Effective Tax Rate   24.6 %     22.2 %     23.6 %     22.1 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

      1.  Other adjustments for income taxes include:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023 
      Deferred tax adjustments   $ 3.8     $ (0.2 )   $ (1.4 )   $ 0.6  
      Valuation allowance adjustments     (2.3 )     (1.9 )     (2.1 )     (0.8 )
      Return to provision, audit adjustments, and reserves related to prior periods     (1.2 )     1.4       1.2       2.6  
      Other adjustments     0.7       (1.6 )     (0.7 )     (0.3 )
      Total other adjustments   $ 0.9     $ (2.2 )   $ (3.0 )   $ 2.2  
     

    SCHEDULE 5
    TRANSUNION AND SUBSIDIARIES
    Leverage Ratio (Unaudited)
    (dollars in millions)

        Trailing Twelve
    Months Ended
    September 30, 2024
    Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
    Net income attributable to TransUnion   $ 224.2
    Net interest expense     248.6
    Provision for income taxes     53.6
    Depreciation and amortization     533.8
    EBITDA   $ 1,060.2
    Adjustments to EBITDA:    
    Stock-based compensation   $ 113.0
    Mergers and acquisitions, divestitures and business optimization1     27.2
    Accelerated technology investment2     75.6
    Operating model optimization program3     164.0
    Net other4     14.4
    Total adjustments to EBITDA   $ 394.3
    Leverage Ratio Adjusted EBITDA   $ 1,454.5
         
    Total debt   $ 5,201.4
    Less: Cash and cash equivalents     643.2
    Net Debt   $ 4,558.2
         
    Ratio of Net Debt to Net income attributable to TransUnion     20.3
    Leverage Ratio     3.1

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Transaction and integration costs   $ 16.9  
      Fair value and impairment adjustments     10.3  
      Post-acquisition adjustments     0.1  
      Transition services agreement income     (0.1 )
      Total mergers and acquisitions, divestitures and business optimization   $ 27.2  
    2.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Foundational Capabilities   $         33.0        
      Migration Management             37.5        
      Program Enablement             5.1        
      Total accelerated technology investment   $         75.6        
    3.  Operating model optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Employee separation   $         96.6        
      Facility exit             45.5        
      Business process optimization             21.9        
      Total operating model optimization   $         164.0        
    4.  Net other consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Deferred loan fee expense from debt prepayments and refinancings   $ 15.4  
      Other debt financing expenses     2.3  
      Currency remeasurement on foreign operations     (2.2 )
      Other non-operating (income) and expense     (1.2 )
      Total other adjustments   $ 14.4  
       

    SCHEDULE 6
    TRANSUNION AND SUBSIDIARIES
    Segment Depreciation and Amortization (Unaudited)
    (in millions)

      Three Months Ended September 30,   Nine Months Ended September 30,
       2024    2023    2024    2023
                   
    U.S. Markets $ 99.3   $ 99.3   $ 299.4   $ 292.3
    International   33.4     31.0     98.1     95.5
    Corporate   1.0     1.1     3.0     3.3
    Total depreciation and amortization $ 133.6   $ 131.3   $ 400.5   $ 391.1
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    SCHEDULE 7
    TRANSUNION AND SUBSIDIARIES
    Reconciliation of Non-GAAP Guidance (Unaudited)
    (in millions, except per share data)

      Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
      Low   High   Low   High
    Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
    Net income attributable to TransUnion $ 65     $ 77     $ 284     $ 295  
    Interest, taxes and depreciation and amortization   216       219       868       872  
    EBITDA $ 281     $ 296     $ 1,152     $ 1,167  
    Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   79       79       336       336  
    Adjusted EBITDA $ 360     $ 375     $ 1,488     $ 1,503  
                   
    Net income attributable to TransUnion margin   6.4 %     7.4 %     6.8 %     7.1 %
    Consolidated Adjusted EBITDA margin2   35.5 %     36.2 %     35.8 %     36.0 %
                   
    Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
    Diluted earnings per share $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Adjustments to diluted earnings per share1   0.58       0.58       2.42       2.42  
    Adjusted Diluted Earnings per Share $ 0.92     $ 0.98     $ 3.87     $ 3.93  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
    2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: Deluzio, Casey, Fetterman, Lee Announce $6 Million for Pittsburgh International Airport

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    Funding will help improve the terminal building

     

    Airport Terminal Program funding comes from infrastructure law

     

    With this funding, Pittsburgh International Airport has received more than $129 million in federal funding since the start of 2021

     

    WASHINGTON, D.C. – Today, U.S. Representatives Chris Deluzio (D-PA-17) and Summer Lee (D-PA-12) and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) announced that Pittsburgh International Airport (PIT) is receiving $6,000,000 in competitive grant funding to modernize and rehabilitate the terminal. This funding comes from the Airport Terminal Program (ATP), which was created by the bipartisan Infrastructure Investment and Jobs Act (IIJA) to revitalize the Nation’s aging airports.

     

    “The Infrastructure Law is still at work in Western PA, this time bringing home $6 million more for the Pittsburgh International Airport terminal updates,”said Congressman Deluzio. “The airport is not only a place where people catch flights: but it’s also a workplace, employer, and economic hub. We need to make sure it works as smoothly as possible, and that we help out airport be the best it can be. I’m proud federal funding from the Infrastructure Law is a part of that effort.”

     

    “Pittsburgh International Airport is an essential connection between the region and the world, and it’s critical that the terminals are safe and can meet passenger needs. This investment from the infrastructure law will support ongoing efforts to modernize the airport by replacing floors, bulkheads, and decades-old moving walkways,” said Senator Casey. “I will always fight for investments that boost Southwestern Pennsylvania’s economy and keep the region moving.”

     

    “Pittsburgh’s airport should reflect the grit and resilience of the city it serves and this $6 million investment helps make that happen. Upgrading parts of the terminal that have been in place for over 30 years will help bring our airport back up to speed, create jobs, and ensure it serves both the community and travelers with true Pittsburgh pride,” said Senator Fetterman.

     

    “Today’s announcement of $6 million in federal funding for Pittsburgh International Airport is a big win for the people of Pittsburgh and the hardworking travelers who rely on safe, accessible, and efficient airports. This investment is about putting people first by creating good-paying jobs, ensuring smoother and safer travel experiences, and revitalizing a space that millions pass through each year. It’s also a commitment to the growth and well-being of our community, helping Pittsburgh remain a hub of opportunity and progress for all who live, work, and visit here,” said Congresswoman Lee.

     

    The funding for Pittsburgh International Airport will support the Terminal Modernization Program, which includes installing new flooring, restoring columns and bulkheads, and replacing 32-year-old moving walkways in the concourses. Since the infrastructure law was passed, millions of dollars have been allocated to PIT. In June 2024, Casey, Fetterman, Deluzio, and Lee announced $20.6 million for PIT to support their ongoing terminal improvement project. In February 2024, the Members announced $5.3 million in new infrastructure funding to fund a component of the 700,000 square foot landslide terminal construction. PIT has received a total of $129,706,728 since the start of 2021.
     

    ###

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Deluzio, Casey, Fetterman Secure $87 Million to Build New Manufacturing Facility in Southwestern Pennsylvania, Create Almost 900 Jobs

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    WASHINGTON, D.C. – Today, Congressman Chris Deluzio (D-PA-17), and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) delivered $87,070,493 in federal funding for Mainspring Energy (MSE), a manufacturer of linear generators. With these funds, the company will build a new, state-of-the art manufacturing facility that will support new 891 jobs in Coraopolis. Funding comes from the Advanced Energy Manufacturing and Recycling Grants Program, made possible by the Infrastructure Investment and Jobs Act (IIJA).  

    “I am thrilled to announce that Coraopolis’ own Mainspring Energy Inc. is receiving more than $87 million in federal dollars to boost its manufacturing of low-carbon generators and create hundreds of full-time and construction jobs in the process,” said Congressman Deluzio. “This is a powerful example of how when we make more stuff here, we can create manufacturing and construction jobs and onshore our supply chains, all while reducing greenhouse gas emissions to help us meet our climate goals. I am proud to support this project and look forward to monitoring its progress and impact on the people and economy in Pennsylvania’s 17th Congressional District.”   

    “This is a game-changing investment for Coraopolis and Southwestern Pennsylvania. With this funding, Mainstream Energy will create good-paying and high-skilled manufacturing jobs and continue Southwestern Pennsylvania’s legacy as an energy leader on the forefront of cutting-edge technology. Pennsylvania workers are the best in the world and I will keep fighting for good paying manufacturing and construction jobs across our Commonwealth,” said Senator Casey.  

    “Western Pennsylvania has always been America’s industrial backbone and the Department of Energy’s investment in Mainspring Energy carries that legacy forward. This move propels us toward a carbon-pollution-free future while keeping our economy strong, competitive, and union-built,” said Senator Fetterman. “As lifelong Pennsylvanians, Senator Casey, Congressman Deluzio, and I understand and honor our state’s proud history of hard work and innovation. We pushed for this investment because it puts Western Pennsylvania back on the map as a leader in cutting-edge manufacturing.” 

    Mainspring Energy manufactures linear generators that power hospitals, supermarkets, data centers, and more across the Nation. The new plant will expand generator production, enhance American global competitiveness, create 891 jobs in Coraopolis. Deluzio wrote a letter of support for this grant, and joined Senators Casey, and Fetterman in the push for the Accelerating Linear Generator Production for Mainspring Energy project. 

    The funding comes from the U.S. Department of Energy (DOE)’s Advanced Energy Manufacturing and Recycling Grants program, which enables manufacturers build new or retrofit existing manufacturing and industrial facilities in communities where coal mines or coal power plants have closed. Senators Casey and Fetterman and Congressman Deluzio urged DOE secretary Jennifer Granholm to support MSE’s project in June 2024. In their letter, the Members highlighted how the new facility would increase domestic manufacturing, boost American competitiveness in the clean energy sector, generate hundreds of good-paying jobs for Pennsylvanians, and carry on the Commonwealth’s proud legacy as an energy state.   

    Mainspring Energy (MSE), in partnership with construction firm Al. Neyer, will establish a state-of-the-art manufacturing facility in Coraopolis to produce 1,000 linear generators annually that will provide clean and reliable power to critical institutions across the Nation including hospitals, businesses, and data centers. The plant will localize the manufacturing supply chain and enhance American global competitiveness in the clean energy sector. Additionally, the project will create 291 construction-related jobs and 600 operations jobs.  

    ### 

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI United Kingdom: Designing Defence’s next generation multi-satellite system

    Source: United Kingdom – Government Statements

    Dstl scientific expertise and advice is at the heart of the Ministry of Defence’s ambitions in space.

    Scientists from the Defence Science and Technology Laboratory (Dstl) are at the forefront of designing and developing Defence’s next generation satellite constellation – a system that will bring giant leaps in operational advantage to the armed forces. 

    We have developed new collaborative ways of working with both Space Command and Defence Equipment and Support (DE&S) to deliver the next generation multi-satellite system to support greater global surveillance and intelligence for military operations – known as the ISTARI programme.

    ISTARI will cost £968 million and involves the development of a constellation (group) of satellites to deliver global intelligence, surveillance and reconnaissance and to send data and information rapidly to decision makers across the globe. A series of operational capability demonstrator missions will first be carried out to test the concept.

    Dstl is leading the initial constellation design and development. Using our evidence-based decision-making and systems engineering we are working with DE&S to jointly deliver the missions and bring them into service for Space Command.

    Taking a multi-disciplinary approach enables more rapid decision-making and sharing of best practice across technical, programmatic and operational disciplines. It enables defence to ask the right questions and make the right decisions to develop and deliver capability effectively and efficiently.

    Tyche: MOD’s first sovereign Intelligence Surveillance and Reconnaissance (ISR) satellite

    Space Command’s first satellite, Tyche, launched in August aboard SpaceX Falcon 9. Dstl provided technical assurance to Tyche, which was built by UK industry.

    Space Command’s first satellite, Tyche

    Tyche is an electro-optical imaging satellite capable of collecting images of the ground, and short image sequences of ground locations, to detect moving objects. It also possesses an additional on-board processor for immediate processing of data collected, including the ability to upload Artificial Intelligence and Machine Learning algorithms for data reduction.

    Tyche will be able to communicate with commercial data relays in geostationary orbit to reduce data latency and increase opportunities for tasking.

    A key aspect to the experimentation Tyche will deliver will be the opportunity to demonstrate how the satellite interfaces with the wider emerging MOD space architecture.

    Goonhilly Earth Station: new communications ground stations in Cornwall

    Dstl is also building on the existing ground facilities to enhance space operations. In conjunction with the National Security Strategic Investment Fund (NSSIF), 2 new remote ground stations have been installed at Goonhilly Earth Station (GES) in Cornwall to expand Dstl’s space-to-ground capability and enable increase experimentation.

    Goonhilly Satellite Earth Station (Credit: Shutterstock)

    The powerful 3.9m Safran Legion antennas, to be operated by Dstl, complement Dstl’s Hermes ground station and will track satellites and download Intelligence Surveillance and Reconnaissance (ISR) data – vital to demonstrating the ISTARI concept.

    Dstl is also working with Goonhilly to tailor and assess the suitability of an open standard for booking and scheduling of remote ground terminals within a network; this will broker access between multiple end users.

    Dstl’s in-house expertise is vital to these missions as we help build Defence’s next generation space capability, which will be vital to ensure operational advantage on the frontline. Find out more about our space defence science and technology capability.

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI: Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability

    Source: GlobeNewswire (MIL-OSI)

    Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability 

    Gzira, 23 October 2024 – The Extraordinary General Meeting of Shareholders (“Meeting”) of Multitude P.L.C., a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs (WKN: A40G1Q, ISIN: MT0002810100) (“Multitude” or “Company”), has today resolved to adopt and approve the Company’s final accounts including the financial statements and the Board of Directors’ report for the period for which financial statements had not yet been presented at the Shareholders’ General Meeting, i.e., for the period running from 1 January 2024 to 30 June 2024.  

    In addition, the Extraordinary General Meeting of Shareholders resolved, insofar as permitted under the Maltese Companies Act (chapter 386 of the laws of Malta), and in line with Finnish market practice, to discharge the members of the Board of Directors and the CEO from liability for the period covered by the final accounts (i.e., while the Company was still registered in Finland).  

    The Meeting was held following the transfer of the Company’s registered office from Finland to Malta in accordance with Article 8 of the Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) on 30 June 2024, in order to adopt the Company’s final accounts as required pursuant to Section 11 of the Finnish European Companies Act (742/2004, as amended) and to make certain related resolutions. Accordingly, for the purposes of Section 11 of the Finnish European Companies Act, the Meeting was deemed to be a meeting of shareholders (in Finnish: “osakkeenomistajien kokous”). 

    The full minutes of the October EGM setting out said resolutions which were adopted will be available on the Company’s website no later than one week after the date of the Extraordinary General Meeting, i.e., no later than on 30 October 2024.  

    Contact: 

    Lasse Mäkelä  
    Chief Strategy and IR Officer 
    Phone: +41 79 371 34 17 
    E-Mail: Lasse.makela@multitude.com 

    About Multitude P.L.C.: 

    Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude’s business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 16 countries, achieving a combined turnover of 230 million euros in 2023. Multitude was founded in Finland in 2005 and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘E4l’. http://www.multitude.com 

    The MIL Network –

    January 24, 2025
  • MIL-OSI Europe: Written question – German industrial machinery driving the Russian armaments sector – E-002075/2024

    Source: European Parliament

    15.10.2024

    Question for written answer  E-002075/2024
    to the Commission
    Rule 144
    Michał Dworczyk (ECR)

    Following the introduction of European sanctions banning exports of goods with a potential military use, Russia stepped up its efforts to increase arms production in its domestic factories. The products of German industrial machine-building companies which can be used in the manufacture of military equipment, ammunition and weapons are playing an important role in this process. According to Russian customs documents obtained by Südwestrundfunk, by the end of December 2023 Russia had imported more than 300 machines from over 30 German manufacturers[1].

    For example, Walter Maschinenbau from Tübingen made 11 deliveries in 2023; its machinery is used by the Russian firm NIR JSC, which supplies the military with aircraft and rocket engines. Vollmer from Biberach and Fein GmbH from Schwäbisch-Gmünd have not only supplied machinery to Russia, but continue to maintain active Russian websites with service and technical support. The Russian companies Parsek, Kamaz, NIR and Industrial Solutions are supplying the Russian army with engines and parts for aircraft and missiles using German machinery to produce them.

    I think this is unacceptable and would like to ask the following questions:

    • 1.Is the Commission aware that German companies are circumventing the sanctions imposed on Russia as a result of its war of aggression against Ukraine?
    • 2.Is the Commission planning to take action against companies breaking the sanctions?
    • 3.Is the Commission planning to strengthen the sanctions regime and export controls in the private sector, in particular to monitor supply chains and the activities of subsidiaries of European companies operating in Russia?

    Submitted: 15.10.2024

    • [1] https://www.tagesschau.de/investigativ/swr/embargo-russland-maschinen-100.html
    Last updated: 23 October 2024

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: Take a ‘teledrive’

    Source: European Investment Bank

    In January 2024, Vay launched its first commercial service – in Las Vegas, where regulations for driverless vehicles are currently less stringent than in Europe. The technology was installed in 20 Kia Niro electric vehicles, and the service covers about a quarter of the city. The company plans to scale up the Las Vegas service, and to introduce it across Europe.

    Developing the technology and scaling up the service is expensive, but the company raised money fast. “We have fantastic investors. We raised our first pre-seed in three days – €1.1 million,” von der Ohe says. Eight months later, the company secured an additional €12.5 million, and in 2021, an additional €95 million. “Having the experience from Silicon Valley helped,” he adds.

    In September 2024, the European Investment Bank signed a €34 million venture-debt investment, supported by InvestEU, to help Vay accelerate the development of its service and technology.

    “The European Investment Bank helped by giving us good financing terms to take our technology to the next step,” von der Ohe says. “It helps us roll out our technology in more markets, especially across Europe.”

    Given von der Ohe’s European ambitions, it’s notable that Vay became the first and only company in Europe to drive on public streets without a safety driver, when it received authorisation from Hamburg to operate a driverless car in the city’s streets in 2023.

    “That’s the big step change – taking out the physical driver,” says von der Ohe. “Even in the US, only Waymo has achieved this, and they’re owned by Google, which invests billions of dollars every year to develop that technology.”

    Teledriving: This is how it works.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: EIB Investment Survey 2024: More than 60% of European companies have invested in climate mitigation and adaptation and more than 70% in their digital transformation

    Source: European Investment Bank

    • EU businesses lead way in investments in climate mitigation and adaptation, with 61% having already invested and 53% planning to do so.
    • Use of advanced digital technologies on the rise as 74% of European firms embrace advanced technologies to enhance competitiveness.
    • Faced with trade shocks, firms are investing in more resilient and secure supply chains.

    Companies in the European Union weathered relatively well the health, price and trade shocks of the last four years and have increased their ambitions for green and digital transformation, according to a survey by the European Investment Bank (EIB).  

    The EIB’s Investment Survey 2024 , released today at the World Bank-IMF Annual Meetings in Washington, paints a picture of leadership of EU businesses in the green transition and the reinforcement of their supply chains in the face of heightened geopolitical risks and supply-chain disruptions.

    Many firms in Europe are satisfied with their investment levels over the past three years and are committed to tackling climate change and embracing digital technologies, the survey shows. It covers a total of around 12,000 companies in all EU countries as well as a comparison sample in the United States.

    While the share of EU companies expecting to increase rather than decrease investment has halved to a net balance of 7% in 2024, compared with last year, businesses in Europe continue to outpace their US counterparts and lead in investments to slash emissions that cause climate change or cope with the impact of severe weather. The latest Investment Survey shows that 61% of EU firms have invested in tackling climate change, compared to 56% in 2023 and 53% in 2022. The green transition impose transformation, but also brings opportunities. More than a quarter of EU firms –27%– view the transition to a net-zero economy, as an opportunity over the next five years.

    “The commitment of EU firms to the green and digital transitions illustrates the potential of the European economy,” said EIB President Nadia Calviño. “The survey confirms that public-private partnership is at the heart of strategic investments to sustain the competitiveness, security and autonomy of the EU in global markets.”

    Around 90% of EU and US firms have taken measures to reduce greenhouse gas emissions. Key strategies adopted include investment in waste reduction and recycling and energy efficiency. EU companies are more likely than US ones to have enacted sustainable transport options, opted for renewable-energy generation and set emissions-reduction targets. One in three EU companies –34%– sees the green transition as a business risk compared with 42% in the US. 

    In the EU, 37% of total investments by businesses are directed towards intangible assets such as research, skills and know-how, highlighting a strategic focus on innovation and digital solutions.74% of EU businesses reported using digital technologies, marking a 4% increase from last year. Meanwhile, the US continues to lead at 81%.

    Looking ahead to the next three years, however, many European companies are prioritising replacement investments over capacity expansion, with only 26% of EU firms planning to expand operations in the next three years compared with 47% of US firms.

    “The focus of EU companies on innovation is welcome and must be supported”, added EIB President Nadia Calviño. “That is why the EIB Group is working on new Action Plan to reinforce the integration of Europe´s Capital Markets and thereby channel private savings into productive investment in Europe”.

    The business environment remains a concern for firms in the European Union and the United States, with lack of skilled labour and uncertainty about the future as one of the key concerns in both regions. Business investment is still hindered by high energy costs, which pose significant obstacles for 46% of EU businesses.

    The majority (60%) of EU exporters report that they still have to comply with different standards and consumer protection rules from one Member State to the next, highlighting that market fragmentation persists.

    “European firms are making strides in addressing both climate change and the digital transformation,” said EIB Chief Economist Debora Revoltella. “But boosting EU investment requires a less fragmented EU single market.”

    The survey also underscores the importance of robust supply chains. Concerns about trade disruptions have eased compared to last year, but firms did not see improvements in terms of new regulations, tariffs or trade restriction. EU companies are well integrated into global trade and substantially benefited from it in the past. In a new world with rising geopolitical tensions, EU firms are reacting by enhancing the resilience of their supply chains in looking at economic security and efficiency.

    The 2024 report serves policymakers, economists and business leaders by providing insights into the investment landscape and identifying actions needed to foster economic growth and resilience. For more information and the full report, visit our website here.

     Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by its Member States. It provides finance and expertise for projects that contribute to the EU’s policy objectives. The EIB works closely with public and private-sector partners to support sustainable investment, job creation, economic growth and innovation across Europe.

    On October 7th, European Union Finance ministers have welcomed an Action Plan to be deployed by the European Investment Bank (EIB) Group, to support the development of the EU’s Capital Markets Union. One key objective of the Action Plan is closing the funding gap throughout the company and innovation cycle; the EIB Group plans to scale up support for the EU venture capital and private equity markets, to help retain the most innovative scale-ups in Europe.

    About the report

    The EIB Group Survey on Investment, which has been carried out since 2016, is a unique annual survey of some 12,000 firms. Data for the latest edition was collected in mid-2024 from companies in all EU Member States. The survey also includes a sample of businesses in the United States. The survey collects data on company characteristics and performance, past investment activities and future plans, sources of finance, financing hurdles and other business challenges such as climate change, digitalisation and international trade.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI United Kingdom: September 2024 Retail Prices Index published23 October 2024 ​​​Statistics Jersey have today published the September 2024 Retail Prices Index report. The All Items Retail Prices Index (RPI) is the main measure of inflation in Jersey. It measures the change from… Read more

    Source: Channel Islands – Jersey

    23 October 2024

    ​​​Statistics Jersey have today published the September 2024 Retail Prices Index report. 

    The All Items Retail Prices Index (RPI) is the main measure of inflation in Jersey. It measures the change from quarter to quarter in the price of the goods and services purchased by an average household in Jersey. 

    ​The September report shows:

    • ​the All Items Retail Prices Index (RPI) for Jersey increased by 3.0% to stand at 233.7 (June 2000 = 100)
    • the increase in the RPI was less than that to June 2024 (5.0%); hence the annual rate of inflation decreased by 2.0 percentage points (pp) since last quarter
    • a few groups contributed to the decrease in the annual rate of inflation, most notably the housing group
    • prices in most groups increased and these increases were similar to or less than those over the 12 months to June 2024, which resulted in an overall downward contribution to the annual rate of inflation
    • leisure services which includes entertainment, sport and leisure fees and foreign and UK holidays, was the price group that made the largest contribution to the annual rate of inflation, contributing +0.8 pp to the rate
      • the overall price change in the leisure services price group was lower compared with the 12 months to June 2024, hence its contribution to the change in rate of the RPI was -0.3 pp
    • the increase in the RPI was 7.1 pp smaller than a year ago (10.1% in September 2023)
    • RPI(Y), which measures underlying inflation, increased by 3.3%, which was 0.6 pp smaller than the June 2024 rate (down from 3.9%)
    • RPI(X) increased by 3.5%
    • RPI Pensioners increased by 3.6%
    • RPI Low Income increased by 3.4%
    • annual changes in RPI(X), RPI(Y), RPI Pensioners, and RPI Low Income were 0.6 to 0.8 pp smaller than those in June 2024
    • the rate of inflation in Jersey as measured by the RPI, was 0.4 pp higher than the UK CPIH, which is the broadly comparable headline rate of inflation for the UK

    ​Retail Prices Index September 2024​

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Economics: The Crypto Game of Lazarus APT: Investors vs. Zero-days

    Source: Securelist – Kaspersky

    Headline: The Crypto Game of Lazarus APT: Investors vs. Zero-days

    Introduction

    Lazarus APT and its BlueNoroff subgroup are a highly sophisticated and multifaceted Korean-speaking threat actor. We closely monitor their activities and quite often see them using their signature malware in their attacks — a full-feature backdoor called Manuscrypt. According to our research, Lazarus has been employing this malware since at least 2013 and we’ve documented its usage in 50+ unique campaigns targeting governments, diplomatic entities, financial institutions, military and defense contractors, cryptocurrency platforms, IT and telecommunication operators, gaming companies, media outlets, casinos, universities, and even security researchers — the list goes on.

    On May 13, 2024, our consumer-grade product Kaspersky Total Security detected a new Manuscrypt infection on the personal computer of a person living in Russia. Since Lazarus rarely attacks individuals, this piqued our interest and we decided to take a closer look. We discovered that prior to the detection of Manuscrypt, our technologies also detected exploitation of the Google Chrome web browser originating from the website detankzone[.]com. On the surface, this website resembled a professionally designed product page for a decentralized finance (DeFi) NFT-based (non-fungible token) multiplayer online battle arena (MOBA) tank game, inviting users to download a trial version. But that was just a disguise. Under the hood, this website had a hidden script that ran in the user’s Google Chrome browser, launching a zero-day exploit and giving the attackers complete control over the victim’s PC. Visiting the website was all it took to get infected — the game was just a distraction.

    We were able to extract the first stage of the attack — an exploit that performs remote code execution in the Google Chrome process. After confirming that the exploit was based on a zero-day vulnerability targeting the latest version of Google Chrome, we reported our findings to Google the same day. Two days later, Google released an update and thanked us for discovering this attack.

    Acknowledgement for finding CVE-2024-4947 (excerpt from the security fixes included into Chrome 125.0.6422.60)

    Having notified Google about the discovered vulnerability, we followed responsible vulnerability disclosure policy and refrained from sharing specific details in public, giving users sufficient time to apply the patch. This approach is also intended to prevent further exploitation by threat actors. Google took additional steps by blocking detankzone[.]com and other websites linked to this campaign, ensuring that anyone attempting to access these sites — even without our products — would be warned of their malicious nature.

    While we respected Google’s request for a set disclosure period, on May 28, 2024, Microsoft published a blog post titled “Moonstone Sleet emerges as new North Korean threat actor with new bag of tricks,” which partially revealed our findings. According to the blog, Microsoft had also been tracking the campaign and associated websites since February 2024. However, their analysis overlooked a key point in the malicious campaign: the presence of the browser exploit and the fact that it was a high-severity issue — a zero-day. In this report, we explore in great detail the vulnerabilities exploited by the attackers and the game they used as bait (spoiler alert: we had to develop our own server for this online game).

    The exploit

    The website used by the attackers as a cover for their campaign was developed in TypeScript/React, and one of its index.tsx files contained a small piece of code that loads and executes the Google Chrome exploit.

    Website facade and the hidden exploit loader

    The exploit contains code for two vulnerabilities: the first is used to gain the ability to read and write Chrome process memory from the JavaScript, and the second is used to bypass the recently introduced V8 sandbox.

    First vulnerability (CVE-2024-4947)

    The heart of every web browser is its JavaScript engine. The JavaScript engine of Google Chrome is called V8 — Google’s own open-source JavaScript engine. For lower memory consumption and maximum speed, V8 uses a fairly complex JavaScript compilation pipeline, currently consisting of one interpreter and three JIT compilers.

    V8’s JavaScript compilation pipeline

    When V8 starts to execute JavaScript, it first compiles the script into bytecode and executes it using the interpreter called Ignition. Ignition is a register-based machine with several hundred instructions. While executing bytecode, V8 monitors the program’s behavior, and may JIT-compile some functions for better performance. The best and fastest code is produced by TurboFan, a highly optimizing compiler with one drawback — the code generation takes too much time. Still, the difference in performance between Ignition and TurboFan was so significant that a new non-optimizing JIT compiler was introduced in 2021 called Sparkplug, which compiles bytecode into equivalent machine code almost instantly. Sparkplug-generated code runs faster than the interpreter, but the performance gap between Sparkplug- and TurboFan-generated code was still big. Because of this, in Chrome 117 (released in Q4 2023), the developers introduced a new optimizing compiler, Maglev, whose goal is to generate good enough code fast enough by performing optimizations based solely on feedback from the interpreter. CVE-2024-4947 (issue 340221135) is the vulnerability in this new compiler.

    To understand this vulnerability and how it was exploited, let’s take a look at the code the attackers used to trigger it.

    function trigger() {
    moduleImport.exportedVar;
    const emptyArray = [1, 2];
    emptyArray.pop();
    emptyArray.pop();
    const arrHolder = {xxarr: doubleArray, xxab: fakeArrayBuffer};

    function f() {
    try {
    moduleImport.exportedVar = 3.79837e-312;
    } catch (e) { return false; }
    return true;
    }

    while (!f()) { }

    weakRef = new WeakRef(moduleImport);
    return {emptyArray, arrHolder};
    }

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    import * as moduleImport from ‘export var exportedVar = 23;’;

    function trigger() {

      moduleImport.exportedVar;

      const emptyArray = [1, 2];

      emptyArray.pop();

      emptyArray.pop();

      const arrHolder = {xxarr: doubleArray, xxab: fakeArrayBuffer};

      function f() {

        try {

          moduleImport.exportedVar = 3.79837e–312;

        } catch (e) { return false;  }

        return true;

      }

      while (!f()) { }

      weakRef = new WeakRef(moduleImport);

      return {emptyArray, arrHolder};

    }

    Code used by the attackers to trigger CVE-2024-4947

    We can see in this code that it first accesses the exported variable exportedVar of the moduleImport module and then creates the emptyArray array and the arrHolder dictionary. However, it seems that no real work is done with them, they are just returned by the function trigger. And then something interesting happens – the f function is executed until it returns “true”. However, this function returns “true” only if it can set the exported variable moduleImport.exportedVar to the “3.79837e-312” value, and if an exception occurs because of this, the f function returns “false”. How could it be that executing the same expression moduleImport.exportedVar = 3.79837e–312; should always return “false” until it returns “true”?

    LdaImmutableCurrentContextSlot [53]

    Star1

    LdaConstant [0]

    SetNamedProperty r1, [1], [0] // moduleImport.exportedVar = 3.79837e-312;

    Bytecode produced by the Ignition interpreter for “moduleImport.exportedVar = 3.79837e-312;”

    If we take a look at the bytecode produced for this expression by Ignition and at the code of the SetNamedProperty instruction handler, which is supposed to set this variable to the “3.79837e-312” value, we can see that it will always throw an exception — according to the ECMAScript specification, storing in a module object is always an error in JavaScript.

    mov     rax, 309000D616Dh // JS object ptr for “moduleImport”

    mov     edi, [rax+3]    

    add     rdi, r14        

    mov     rax, 309001870B5h // JS object ptr for “3.79837e-312”

    mov     [rdi–1], eax

    JIT code produced by Maglev for “moduleImport.exportedVar = 3.79837e-312;”

    But if we wait until this bytecode has been executed enough times and V8 decides to compile it using the Maglev compiler, we’ll see that the resulting machine code doesn’t throw an exception, but actually sets this property somewhere in the moduleImport object. This happens due to a missing check for storing to module exports — which is the CVE-2024-4947 vulnerability (you can find the fix here). How do attackers exploit it? To answer this, we need to understand how JavaScript objects are represented in memory.

    Structure of JS objects

    All JS objects begin with a pointer to a special object called Map (also known as HiddenClass) which stores meta information about the object and describes its structure. It contains the object’s type (stored at a +8 offset), number of properties, and so on.

    Structure of the “moduleImport” JS object

    The moduleImport module is represented in memory as a JSReceiver object, which is the most generic JS object and is used for types for which properties can be defined. It includes a pointer to the array of properties ( PropertyArray) which is basically a regular JS object of the FixedArray type with its own Map. If in the expression moduleImport.exportedVar = 3.79837e–312; moduleImport was not a module but a regular object, the code would set the property #0 in that array, writing at a +8 offset; however, since it is a module and there is a bug, the code sets this property, writing at a +0 offset, overwriting the Map object with the provided object.

    Structure of the “3.79837e-312” number JS object

    Since 3.79837e-312 is a floating-point number, it is converted to a 64-bit value (according to the IEEE 754 standard) and stored in a HeapNumber JS object at a +4 offset. This allows the attackers to set their own type for the PropertyArray object and cause a type confusion. Setting the type to 0xB2 causes V8 to treat the PropertyArray as a PropertyDictionary, which results in memory corruption because the PropertyArray and PropertyDictionary objects are of different sizes and the kLengthAndHashOffset field of the PropertyDictionary falls outside the bounds of the PropertyArray.

    Now the attackers need to get the right memory layout and corrupt something useful. They defragment the heap and perform the actions that you can see in the trigger function.

    Memory layout created by the “trigger” function

    What happens in this function is the following:

    1. It accesses the exported module variable moduleImport.exportedVar to allocate moduleImport’s PropertyArray.
    2. It creates an emptyArray with two elements.
    3. Removing elements from this array reallocates the object that is used for storing the elements and sets emptyArray’s length to 0. This is an important step because in order to overwrite emptyArray’s length with PropertyDictionary’s hash, the length/hash must be equal to 0.
    4. The trigger function creates the arrHolder dictionary with two objects. This step follows the creation of the emptyArray to allow the pointers of these two objects to be accessed and overwritten when the length of emptyArray is corrupted. The first object, xxarr: doubleArray is used to construct a primitive for getting the addresses of JS objects. The second object, xxab: fakeArrayBuffer is used to construct a primitive for getting read/write access to the whole address space of the Chrome process.
    5. Next, the trigger function executes the f function until it is compiled by Maglev, and overwrites the type of the PropertyArray so it is treated as a PropertyDictionary object.
    6. Executing new WeakRef(moduleImport) triggers the calculation of PropertyDictionary’s hash, and the length of emptyArray is overwritten with the hash value.
    7. The trigger function returns emptyArray and arrHolder containing objects that can be overwritten with emptyArray.

    After this, the exploit again abuses Maglev, or rather the fact that it optimizes the code based on the feedback collected by the interpreter. The exploit uses Maglev to compile a function that loads a double value from an array obtained using arrHolder.xxarr. When this function is compiled, the attackers can overwrite the pointer to an array obtained using arrHolder.xxarr via emptyArray[5] and use this function to get the addresses of JS objects. Similarly, the attackers use arrHolder.xxab to compile a function that sets specific properties and overwrites the length of another ArrayBuffer-type object along with the pointer to its data (backing_store_ptr). This becomes possible when the pointer to the object accessible via arrHolder.xxab is replaced via emptyArray[6] with a pointer to the ArrayBuffer. This gives the attackers read and write access to the entire address space of the Chrome process.

    Second vulnerability (V8 sandbox bypass)

    At this point, the attackers can read and write memory from JavaScript, but they need an additional vulnerability to bypass the newly introduced V8 (heap) sandbox. This sandbox is purely software-based and its main function is to isolate the V8 memory (heap) in such a way that attackers cannot access other parts of the memory and execute code. How does it do this? You may have noticed that all the pointers in the previous section are 32 bits long. This is not because we’re talking about a 32-bit process. It’s a 64-bit process, but the pointers are 32 bits long because V8 uses something called pointer compression. The pointers are not stored in full, but just as their lower parts, or they could also be seen as a 32-bit offset from some “base” address. The upper part (the “base” address) is stored in CPU registers and added by the code. In this case, attackers should not be able to obtain real pointers from the isolated memory and have no way to obtain addresses for the stack and JIT-code pages.

    To bypass the V8 sandbox, the attackers used an interesting but very common vulnerability associated with interpreters — we have previously seen variations of this vulnerability in multiple virtual machine implementations. In V8, regular expressions are implemented using its own interpreter, Irregexp, with its own set of opcodes. The Irregexp VM is completely different from Ignition, but it is also a register-based VM.

    BYTECODE(PUSH_REGISTER) {
    ADVANCE(PUSH_REGISTER);
    if (!backtrack_stack.push(registers[LoadPacked24Unsigned(insn)])) {
    return MaybeThrowStackOverflow(isolate, call_origin);
    }
    DISPATCH();
    }

    BYTECODE(SET_REGISTER) {
    ADVANCE(SET_REGISTER);
    registers[LoadPacked24Unsigned(insn)] = Load32Aligned(pc + 4);
    DISPATCH();
    }

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    RegisterT& operator[](size_t index) { return registers_[index]; }

    BYTECODE(PUSH_REGISTER) {

         ADVANCE(PUSH_REGISTER);

         if (!backtrack_stack.push(registers[LoadPacked24Unsigned(insn)])) {

           return MaybeThrowStackOverflow(isolate, call_origin);

         }

         DISPATCH();

    }

    BYTECODE(SET_REGISTER) {

         ADVANCE(SET_REGISTER);

         registers[LoadPacked24Unsigned(insn)] = Load32Aligned(pc + 4);

         DISPATCH();

    }

    Examples of vulnerable code in Irregexp VM instruction handlers

    The vulnerability is that the virtual machine has a fixed number of registers and a dedicated array for storing them, but the register indexes are decoded from the instruction bodies and are not checked. This allows attackers to access the memory outside the bounds of the register array.

    1

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    8

    9

    10

    11

    PUSH_REGISTER r(REGISTERS_COUNT + idx)

    POP_REGISTER  r(0)

    PUSH_REGISTER r(REGISTERS_COUNT + idx + 1)

    POP_REGISTER  r(1)

    // Overwrite “output_registers” ptr

    SET_REGISTER  r(REGISTERS_COUNT), holderAddressLow

    SET_REGISTER  r(REGISTERS_COUNT + 1), holderAddressHigh

    // Overwrite “output_register_count”

    SET_REGISTER  r(REGISTERS_COUNT + 2), 2

    // MemCopy(output_registers_, registers_.data(), output_register_count_ * sizeof(RegisterT));

    SUCCEED

    Malicious Irregexp VM bytecode for reading the memory outside of the register array bounds

    Coincidentally, the pointers to output_registers and output_register_count are located right next to the register array. This allows the attackers to read and write the memory outside of the V8 sandbox with the help of the SUCCEED opcode. Attackers use this to overwrite JIT’ed code with shellcode and execute it.

    This issue (330404819) was submitted and fixed in March 2024. It is unknown whether it was a bug collision and the attackers discovered it first and initially exploited it as a 0-day vulnerability, or if it was initially exploited as a 1-day vulnerability.

    Shellcode

    At this point, the attackers need additional vulnerabilities to escape the Chrome process and gain full access to the system. In the best practices of sophisticated attackers, they run a validator in the form of a shellcode that collects as much information as possible and sends it to the server to decide whether to provide the next stage (another exploit) or not. This decision is made based on the following information: CPUID information (vendor, processor name, etc), whether it’s running on a VM or not, OS version and build, number of processors, tick count, OS product type, whether it’s being debugged or not, process path, file version info of system modules, file version info of process executable, and SMBIOS firmware table.

    By the time we analyzed the attack, the attackers had already removed the exploit from the decoy website, preventing us from easily obtaining the next stage of the attack. At Kaspersky, we possess technologies that have allowed us to discover and help to fix a huge number of 0-day privilege escalation vulnerabilities exploited by sophisticated attackers in various malware campaigns over the years; however, in this particular case we would have to wait for the next attack in order to extract its next stage. We’ve decided to not wait, preferring to let Google fix the initial exploit used to perform the remote code execution in Google Chrome.

    List of in-the-wild 0-days caught and reported by Kaspersky over the past 10 years

    Social activity

    What never ceases to impress us is how much effort Lazarus APT puts into their social engineering campaigns. For several months, the attackers were building their social media presence, regularly making posts on X (formerly Twitter) from multiple accounts and promoting their game with content produced by generative AI and graphic designers.

    Attackers’ accounts on X

    One of the tactics used by the attackers was to contact influential figures in the cryptocurrency space to get them to promote their malicious website and most likely to also compromise them.

    Attackers’ attempts to contact crypto-influencers

    The attackers’ activity was not limited to X — they also used professionally designed websites with additional malware, premium accounts on LinkedIn, and spear phishing through email.

    The game

    Malicious website offering to download a beta version of the game

    What particularly caught our attention in this attack was that the malicious website attacking its visitors using a Google Chrome zero-day was inviting them to download and try a beta version of a computer game. As big computer games fans ourselves, we immediately wanted to try it. Could the attackers have developed a real game for this campaign? Could this be the first computer game ever developed by a threat actor? We downloaded detankzone.zip and it looked legit: the 400 MB-archive contained a valid file structure of a game developed in Unity. We unpacked the game’s resources and found “DeTankZone” logos, HUD elements, and 3D model textures. Debugging artifacts indicated that the game had been compiled by the attackers. We decided to give it a spin.

    Start menu of the DeTankZone game

    After an intro with the game’s logo, we are greeted with a typical online gaming start menu, asking us to enter valid account credentials to access the game. We tried to log in using some common account names and passwords, and then tried to register our own account through the game and the website — but nothing worked.

    Is that really all this game has to offer? We started reverse engineering the game’s code and discovered that there was more content available beyond this start menu. We found the code responsible for communication with the game server and started reverse engineering that as well. The game was hardcoded to use the server running at “api.detankzone[.]com,” which clearly wasn’t working. But we really wanted to check this game out! What to do? We decided to develop our own game server, of course.

    First, we discovered that the game uses the Socket.IO protocol to communicate with the server, so we chose the python–socketio library to develop our own server. We then found a function with a list of all supported command names (event names) and reverse engineered how they are obfuscated. After that, we reverse engineered how the data was encoded: it turned out to be a JSON encrypted with AES256 and encoded with Base64. For the AES key it uses the string “Full Stack IT Service 198703Game”, while the string “MatGoGameProject” is used for the IV. We hoped that this information might reveal the identities of the game’s developers, but a Google search yielded no results. Finally, we reverse engineered the data format for a couple of commands, implemented them on our server, and replaced the server URL with the address of our own server. Success! After all this we were able to log into the game and play with the bots!

    Screenshot from the game running with our custom server

    Yes, it turned out to be a real game! We played it for a bit and it was fun — it reminded us of some shareware games from the early 2000s. Definitely worth the effort. The textures look a little tacky and the game itself closely resembles a popular Unity tutorial, but if Lazarus had developed this game themselves, it would have set a new bar for attack preparation. But no — Lazarus stayed true to themselves. It turns out that the source code for this game was stolen from its original developers.

    The original game

    DeFiTankLand (DFTL) – the original game

    We found a legitimate game that served as a prototype for the attacker’s version – it’s called DeFiTankLand (DFTL). Studying the developers’ Telegram chat helped us build a timeline of the attack. On February 20, 2024, the attackers began their campaign, advertising their game on X. Two weeks later, on March 2, 2024, the price of the DeFiTankLand’s currency, DFTL2 coin, dropped, and the game’s developers announced on their Telegram that their cold wallet had been hacked and $20,000 worth of DFTL2 coins had been stolen. The developers blamed an insider for this. Insider or not, we suspect that this was the work of Lazarus, and that before stealing the coins they first stole the game’s source code, modified all the logos and references to DeFiTankLand, and used it to make their campaign more credible.

    Conclusions

    Lazarus is one of the most active and sophisticated APT actors, and financial gain remains one of their top motivations. Over the years, we have uncovered many of their attacks on the cryptocurrency industry, and one thing is certain: these attacks are not going away. The attackers’ tactics are evolving and they’re constantly coming up with new, complex social engineering schemes. Lazarus has already successfully started using generative AI, and we predict that they will come up with even more elaborate attacks using it. What makes Lazarus’s attacks particularly dangerous is their frequent use of zero-day exploits. Simply clicking a link on a social network or in an email can lead to the complete compromise of a personal computer or corporate network.

    Historically, half of the bugs discovered or exploited in Google Chrome and other web browsers have affected its compilers. Huge changes in the code base of the web browser and the introduction of new JIT compilers inevitably lead to a large number of new vulnerabilities. What can end users do about this? While Google Chrome continues to add new JIT compilers, there is also Microsoft Edge, which can run without JIT at all. But it’s also fair to say that the newly introduced V8 sandbox might be very successful at stopping bugs exploitation in compilers. Once it becomes more mature, exploiting Google Chrome with JIT may be as difficult as exploiting Microsoft Edge without it.

    Indicators of Compromise

    Exploit
    B2DC7AEC2C6D2FFA28219AC288E4750C
    E5DA4AB6366C5690DFD1BB386C7FE0C78F6ED54F
    7353AB9670133468081305BD442F7691CF2F2C1136F09D9508400546C417833A

    Game
    8312E556C4EEC999204368D69BA91BF4
    7F28AD5EE9966410B15CA85B7FACB70088A17C5F
    59A37D7D2BF4CFFE31407EDD286A811D9600B68FE757829E30DA4394AB65A4CC

    Domains
    detankzone[.]com
    ccwaterfall[.]com

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Banking: Thales reports its order intake and sales as of September 30, 2024

    Source: Thales Group

    Headline: Thales reports its order intake and sales as of September 30, 2024

    23 Oct 2024

    Share this article

    • Order intake: €15.6 billion, up 23% on an organic basis1(+26% total change)
    • Sales: €14.1 billion, up 6.2% on an organic basis (+9.4% total change)
    • 2024 targets confirmed:
      • Book-to-bill ratio above 1
      • Organic sales growth between +5% and +6%2
      • EBIT margin: 11.7% to 11.8%

    Thales (Euronext Paris: HO) today announced its order intake and sales for the period ending September 30, 2024.

    Reminder: 9m 2023 figures have been restated to include Cyber civil activities transferred from Defence and Security to Digital Identity & Security.

    “The third quarter confirmed the continued strong commercial momentum and organic sales growth in most of Thales’ businesses.
    ​The Defence business enjoyed unparalleled visibility thanks to emblematic long-term contracts. Avionics was driven by the recovery in air traffic and solid growth prospects. The cybersecurity and biometrics businesses benefited from a robust environment.
    ​We are also proud of Thales’ inclusion in the CAC 40 ESG index. This is a strong external endorsement of our non-financial performance and of our contribution to the protection of society, the planet and citizens.
    ​We are confident that we will achieve our annual financial targets for 2024, thanks to our teams’ unwavering involvement.”
    ​
    ​Patrice Caine, Chairman & Chief Executive Officer

    Order intake

    Order intake over the first nine months of 2024 amounted to €15,551 million, up 23% on an organic basis4 compared with the first nine months of 2023 (up 26% total change). The Group continued to benefit from an excellent commercial momentum in all its businesses, particularly in Defence & Security.

    Over the period, Thales recorded 19 large orders with a unit value of more than €100 million, the cumulative amount of which came to €4,983 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
    • Eight large orders booked in Q2 2024:
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet.
    • Seven major orders recorded in Q3 2024:
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of LMM missiles to strengthen Ukraine’s air defence capabilities;
      • Order of LMM missiles for the British armed forces;
      • Order for the supply of Ground Fire multifunction radars and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5.

    At €10,567 million, order intake with a unit value of less than €100 million increased by 6% compared to the first nine months of 2023; while order intake with a unit value of less than €10 million was up by 7% at September 30, 2024.

    From a geographical5 point of view, order intake in mature markets recorded organic growth of 12%, to €11,413 million, driven by strong sales momentum in the United Kingdom (up 28% on an organic basis) as well as in Australia and New Zealand (up 34% on an organic basis). Order intake in emerging markets amounted to €4,137 million, with strong organic growth of 69% as at September 30, 2024. This performance reflected excellent momentum in the Near and Middle East (up 175% on an organic basis) and in Asia (up 49% on an organic basis).

    Order intake in the Aerospace segment totaled €3,639 million, versus €3,403 million over the first nine months of 2023 (+8% at constant scope and exchange rates). This increase reflects two contrasting trends. On the one hand, the avionics market remained strong, our activities growing double-digit organically. On the other hand, the order intake in the space business declined due to a high comparison basis (two large orders signed as at September 30, 2024 versus five as of September 30, 2023).

    At €8,951 million (compared with €6,404 million for the first nine months of 2023), order intake in the Defence & Security segment continued to record a strong momentum, with organic growth of 40%. Seven new orders with a unit value of more than €100 million in the third quarter were added to the nine already recorded in the first half of the year. The order book stood at €37.0 billion, compared with €35.1 billion at September 30, 2023.

    At €2,905 million, order intake in the Digital Identity & Security segment was in line with sales over the period, as most of the activities in this segment operate on short cycles.

    Sales

    Sales for the first nine months of 2024 amounted to €14,069million, compared with €12,854 million for the same period in 2023, an increase of 6.2% at constant scope and exchange rates.

    From a geographical5 point of view, sales growth was strong in mature markets (+6.3% on an organic basis), driven in particular by Europe (+9.0%) including France (+9.4%), and Australia and New Zealand (+8.5%). Emerging markets posted organic growth of +5.8% over the period.

    Sales in the Aerospace segment amounted to €3,839 million, up 5.6% compared to the first nine months of 2023 (+5.3% at constant scope and exchange rates). This growth reflected ongoing robust demand in the avionics market, leading the activity to grow mid-single digit plus. It was however mitigated by the low-single digit organic growth of the space business.

    Sales in the Defence & Security segment totaled €7,239 million, up +8.8% compared to the first nine months of 2023 (+8.5% at constant scope and exchange rates). After sustained growth recorded in the first half of the year, this segment confirmed its strong momentum in the third quarter. Growth was driven in particular by land and air systems.

    In the Digital Identity & Security segment, sales totaled €2,914 million, up 15.7% in the first nine months of 2024 (+0.3% at constant scope and exchange rates), including the positive scope effect linked to the acquisitions of Tesserent and Imperva. The stability in organic growth in this segment reflects contrasting trends:

    • Banking and Payment solutions, negatively affected by a high comparison basis, continued to suffer from further destocking in North America;
    • Steady pace of growth in Cyber and Biometrics activities;
    • Continued ramp-up on Connectivity Solutions market, recording double-digit organic growth.

    Outlook

    Thales continues to benefit from its solid positioning in all its major markets and enjoys robust medium-term outlook, as illustrated by the continued strong sales momentum in the third quarter of 2024.

    As a result, assuming there are no major new disruptions in the global economy or global supply chains, Thales confirms its 2024 annual targets:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €19.9 billion to €20.1 billion6;
    • An EBIT margin between 11.7% and 11.8%.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

    1In this press release, “organic” means “at constant scope and exchange rates”.

    2Between €19.9 billion and €20.1 billion based on September 2024 scope and exchange rates.

    3Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries.

    4Taking into account a negative currency effect of -€45 million and a positive net scope effect of €441 million.

    5See table on page 6.

    5Seetableon page 6.

    6Based on September 2024 scope and exchanges rates.

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI Banking: Committee on Market Access holds third thematic session on supply chain resilience

    Source: WTO

    Headline: Committee on Market Access holds third thematic session on supply chain resilience

    The moderator of the session, Mr Iain Fifer of the United Kingdom, emphasized the critical role of trade data in analyzing and enhancing the resilience of supply chains. He noted the challenges in gathering reliable, timely and relevant data, and underlined how such information can inform decision-making.
    Thailand highlighted logistical challenges related to train freight routes from Thailand to Europe. While rail transport is faster than ocean freight and cheaper than air freight, it faces significant obstacles such as customs clearance issues at multiple borders, a lack of harmonized standards, and higher costs compared to sea freight. Additionally, it stressed how limitations in rail infrastructure add complexity.
    China emphasized the importance of multilateral and bilateral trade frameworks, such as those supported by the WTO, in ensuring smooth supply chain operations. It underscored technological advances, particularly in big data and green energy, as key influencers of the development of global supply chains. China also announced the upcoming release of its Global Supply Chain Connectivity Index at the second China International Supply Chain Expo in November 2024. The document will provide a quantitative assessment of the resilience and stability of global supply chains.
    India focused on the three fundamental pillars of supply chains — production, logistics and markets. It also underlined the importance of digital infrastructure in bolstering supply chain resilience. Additionally, India discussed initiatives such as the Unified Logistics Interface Platform and the PM Gati Shakti National Master Plan, which utilize geospatial data to enhance infrastructure connectivity and logistics efficiency.
    The United States introduced its newly established Supply Chain Center within the Department of Commerce, designed to enhance supply chain resilience. The unit’s “Scale” tool assesses risks across sectors of the US economy by evaluating more than 40 indicators of criticality, vulnerability and resiliency in supply chains. The tool provides an in-depth view of current risks to better inform policy decisions, the United States underlined.
    Switzerland presented an initiative led by the Organisation for Economic Cooperation and Development (OECD) aimed at improving the transparency and resilience of medical supply chains. The initiative was prompted by the supply shortages experienced during the COVID-19 pandemic. Switzerland’s project involves a monitoring mechanism designed to increase visibility in global medical supply chains and address future disruptions through international cooperation and the use of advanced technologies such as artificial intelligence.
    In his conclusion, the moderator emphasized the importance of data design and collection in creating a comprehensive understanding of various supply chains. He stressed that data sharing and collaboration were central themes of the discussion, noting that swift and accurate exchange of information between stakeholders and governments is essential. Additionally, he acknowledged the significant analytical work required after data collection and pointed out that once data analysis is completed, it must be effectively utilized to guide policymaking. The session also featured examples of ongoing policy initiatives shaped by data-driven projects.
    The interim Chair of the Market Access Committee, Ms Nicola Waterfield of Canada, expressed appreciation for the presentations and highlighted the importance of the discussions. She also announced that the Committee’s next formal meeting is scheduled for 19-20 November 2024.

    Share

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI China: Xi underscores BRICS’ role in building multipolar world, driving globalization

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

    KAZAN, Russia, Oct. 23 — The BRICS mechanism is a pillar in promoting a multipolar world and fostering an inclusive economic globalization, said Chinese President Xi Jinping on Tuesday as leaders gathered in Kazan for the 16th BRICS Summit.

    Xi made the remarks while meeting with Russian President Vladimir Putin ahead of the leaders’ formal meetings. He noted that BRICS is the world’s most important platform for solidarity and cooperation between emerging markets and developing countries.

    He also voiced his hope to have in-depth discussions with Putin and other leaders participating in the summit on the future development of the BRICS mechanism, so as to secure more opportunities for the Global South.

    Putin thanked China for its support during Russia’s presidency of BRICS, stressing that Russia is ready to closely cooperate with China to ensure the success of the first BRICS Summit after its expansion and bolster BRICS cooperation.

    Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. Xi told Putin during their meeting that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China’s Wuyi Mountain region found their way into many Russian households.

    The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.

    Russian fighter jets escorted Xi’s plane before its landing at the Kazan International Airport around noon on Tuesday. Guards of honor lined both sides of a red carpet to salute Xi, while Russian youths in traditional attire offered him a warm welcome.

    Kazan Mayor Ilsur Metshin, one of the Russian officials who greeted Xi at the airport, told Xinhua that the city is honored to host the Chinese president.

    During the three-day summit, Xi will attend small- and large-scale leaders’ meetings and the BRICS Plus leaders’ dialogue. He will also have in-depth exchanges with leaders of other countries on the current international situation, BRICS cooperation, the development of the BRICS mechanism and important issues of common concern, according to Chinese Foreign Ministry Spokesperson Mao Ning.

    GREATER BRICS

    Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs.

    Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University, said the very dynamic development of BRICS and the growth in its membership reflect a demand for a platform to address global issues.

    “The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years,” said Fedosova.

    The New Development Bank (NDB) is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the NDB, headquartered in Shanghai, provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

    Dilma Rousseff, president of the NDB who is also in Kazan, told Putin during a meeting on Tuesday that the summit is “very important.”

    BRICS has emerged as “the core of this multipolar world” alongside other global and regional organizations, said British author and political commentator Carlos Martinez. “It is essential to move away from the dominance of Western voices and allow countries from the Global South to have a meaningful say in international relations.”

    “BRICS, with its focus on inclusivity and equality, serves as a shining star of this new type of international relations,” he said.

    Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa, said that BRICS has “undoubtedly made notable strides in recent years,” offering emerging economies easier access to financial resources and better opportunities for trade, investment and development.

    Experts also highlighted China’s role in BRICS cooperation and development. Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.

    “We see China puts a lot of efforts into developing BRICS,” said Alishev, adding that there are no preconditions for BRICS cooperation as one can begin dialogue on equal footing with everyone.

    STRONGER APPEAL

    The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade.

    “Measured by GDP, the BRICS countries have already surpassed the G7 in importance,” said Rousseff in a recent interview with Xinhua.

    One of the key priorities of Russia’s BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.

    As BRICS’ influence grows, its appeal has strengthened. Over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.

    “Joining BRICS will benefit Thailand in many ways, including advancing cooperation with other developing countries and increasing its influence in the international arena,” said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

    BRICS “has become an engine of growth for the world economy and plays an important role in global policymaking,” Tang added.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI: Roper Technologies announces third quarter financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the third quarter ended September 30, 2024. The results in this press release are presented on a continuing operations basis.

    Third quarter 2024 highlights

    • Revenue increased 13% to $1.76 billion; organic revenue increased 4%
    • GAAP DEPS increased 6% to $3.40; adjusted DEPS increased 7% to $4.62
    • GAAP net earnings increased 6% to $368 million; adjusted net earnings increased 7% to $499 million
    • Adjusted EBITDA increased 10% to $717 million
    • Operating cash flow was $755 million; adjusted operating cash flow increased 17%

    “Our portfolio of market-leading technology businesses delivered another solid quarter, highlighted by 13% total revenue growth, 10% EBITDA growth, and 15% free cash flow growth,” said Neil Hunn, Roper Technologies’ President and CEO. “We are, again, increasing our full year guidance to the high end of the range, supported by our third quarter results, the continued expansion of our recurring revenue base, and improving demand for our businesses’ mission critical solutions.”

    “During the third quarter, we completed the acquisition of Transact Campus, which has been combined with our CBORD business. This acquisition adds another high-quality vertical software business to our portfolio with highly compelling value creation opportunities for our shareholders. We remain well positioned to execute our disciplined and process-driven capital deployment strategy, with significant M&A firepower and a robust pipeline of acquisition opportunities,” concluded Mr. Hunn.

    Updating 2024 guidance

    Roper now expects full year 2024 adjusted DEPS of $18.21 – $18.25, compared to previous guidance of $18.10 – $18.25. The Company increased its full year total revenue growth outlook to 13%+ and continues to expect organic revenue growth of approximately 6%.

    For the fourth quarter of 2024, the Company expects adjusted DEPS of $4.70 – $4.74.

    The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Wednesday, October 23, 2024. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 50829. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (http://www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 50829#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interests

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments gain, net.” Roper also holds a minority interest in Certinia, a leading provider of professional services automation software. The Company’s investment is accounted for under the equity method and its proportionate share of earnings or loss associated with this investment is reported as “equity investments gain, net.” Roper makes non-GAAP adjustments for the impacts associated with these investments.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP revenue $ 1,563     $ 1,765     13 %
               
    Components of revenue growth          
    Organic         4 %
    Acquisitions         9 %
    Foreign exchange         — %
    Revenue growth         13 %
               
    Adjusted EBITDA reconciliation          
    GAAP net earnings $ 346     $ 368      
    Taxes   97       99      
    Interest expense   42       68      
    Depreciation   9       9      
    Amortization   182       197      
    EBITDA $ 676     $ 741     10 %
               
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      9       9      
    Transaction-related expenses for completed
    acquisitions
      5       5      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (34 )     (37 )    
    Gain on sale of non-operating assets   (3 )     —      
    Adjusted EBITDA $ 652     $ 717     10 %
    % of revenue   41.7 %     40.7 %   (100 bps)
                       
    Table 2: Adjusted net earnings reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP net earnings $ 346     $ 368     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      7       7      
    Transaction-related expenses for completed
    acquisitions
      4       4      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (28 )     (29 )    
    Gain on sale of non-operating assets   (3 )     —      
    Amortization of acquisition-related intangible
    assets B
      140       149      
    Adjusted net earnings $ 465     $ 499     7 %
               
    Table 3: Adjusted DEPS reconciliation
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP DEPS $ 3.21     $ 3.40     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      0.06       0.07      
    Transaction-related expenses for completed
    acquisitions
      0.03       0.03      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (0.26 )     (0.27 )    
    Gain on sale of non-operating assets   (0.02 )     —      
    Amortization of acquisition-related intangible
    assets B
      1.30       1.38      
    Adjusted DEPS $ 4.32     $ 4.62     7 %
               
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    Operating cash flow $ 631     $ 755     20 %
    Taxes paid in period related to divestiture   16       —      
    Adjusted operating cash flow $ 647     $ 755     17 %
    Capital expenditures   (13 )     (23 )    
    Capitalized software expenditures   (9 )     (13 )    
    Adjusted free cash flow $ 625     $ 719     15 %
               
    Table 5: Forecasted adjusted DEPS reconciliation
    (from continuing operations)
      Q4 2024   FY 2024
      Low end   High end   Low end   High end
    GAAP DEPS C $ 3.29   $ 3.33   $ 12.64   $ 12.68
    Restructuring-related expenses associated
    with the Transact acquisition
      —     —     0.07     0.07
    Transaction-related expenses for
    completed acquisitions
      —     —     0.05     0.05
    Financial impacts associated with the
    minority investments in Indicor & Certinia A
    TBD   TBD   TBD   TBD
    Amortization of acquisition-related
    intangible assets B
      1.41     1.41     5.45     5.45
    Adjusted DEPS $ 4.70   $ 4.74   $ 18.21   $ 18.25
                   

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investments in Indicor or Certinia, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ (34 )   $ (37 )     TBD   TBD
      After-tax $ (28 )   $ (29 )     TBD   TBD
      Per share $ (0.26 )   $ (0.27 )     TBD   TBD
                       
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). These adjustments are taxed at 21%.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ 177     $ 189       $ 193   $ 745
      After-tax $ 140     $ 149       $ 153   $ 588
      Per share $ 1.30     $ 1.38       $ 1.41   $ 5.45
                       
    C. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investments in Indicor or Certinia. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at http://www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of the current inflationary environment and ongoing supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)    
    (Amounts in millions)      
           
      September 30, 2024   December 31, 2023
    ASSETS:      
           
    Cash and cash equivalents $ 269.6     $ 214.3  
    Accounts receivable, net   821.2       829.9  
    Inventories, net   129.0       118.6  
    Income taxes receivable   43.0       47.7  
    Unbilled receivables   130.3       106.4  
    Other current assets   199.2       164.5  
    Total current assets   1,592.3       1,481.4  
           
    Property, plant and equipment, net   132.8       119.6  
    Goodwill   19,267.2       17,118.8  
    Other intangible assets, net   9,212.7       8,212.1  
    Deferred taxes   35.9       32.2  
    Equity investments   878.6       795.7  
    Other assets   433.2       407.7  
    Total assets $ 31,552.7     $ 28,167.5  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 155.8     $ 143.0  
    Accrued compensation   248.5       250.0  
    Deferred revenue   1,671.0       1,583.8  
    Other accrued liabilities   468.4       446.5  
    Income taxes payable   47.0       40.4  
    Current portion of long-term debt, net   699.0       499.5  
    Total current liabilities   3,289.7       2,963.2  
           
    Long-term debt, net of current portion   7,677.6       5,830.6  
    Deferred taxes   1,649.9       1,513.1  
    Other liabilities   420.0       415.8  
    Total liabilities   13,037.2       10,722.7  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   2,976.9       2,767.0  
    Retained earnings   15,661.4       14,816.3  
    Accumulated other comprehensive loss   (107.4 )     (122.8 )
    Treasury stock   (16.5 )     (16.8 )
    Total stockholders’ equity   18,515.5       17,444.8  
    Total liabilities and stockholders’ equity $ 31,552.7     $ 28,167.5  
           
    Roper Technologies, Inc.          
    Condensed Consolidated Statements of Earnings (unaudited)        
    (Amounts in millions, except per share data)        
                   
      Three months ended
    September 30,
      Nine months ended
    September 30,
        2024       2023       2024       2023  
    Net revenues $ 1,764.6     $ 1,563.4     $ 5,162.1     $ 4,564.3  
    Cost of sales   542.9       467.1       1,566.1       1,382.3  
    Gross profit   1,221.7       1,096.3       3,596.0       3,182.0  
                   
    Selling, general and administrative expenses   725.1       650.2       2,123.9       1,899.6  
    Income from operations   496.6       446.1       1,472.1       1,282.4  
                   
    Interest expense, net   67.7       42.4       188.4       114.6  
    Equity investments gain, net   (37.4 )     (33.9 )     (93.6 )     (98.7 )
    Other (income) expense, net   (0.9 )     (5.0 )     0.9       0.1  
                   
    Earnings before income taxes   467.2       442.6       1,376.4       1,266.4  
                   
    Income taxes   99.3       97.0       289.4       275.5  
                   
    Net earnings from continuing operations   367.9       345.6       1,087.0       990.9  
                   
    Loss from discontinued operations, net of tax   —       (2.9 )     —       (4.1 )
    Gain on disposition of discontinued operations,
    net of tax
      —       4.5       —       8.4  
    Net earnings from discontinued operations   —       1.6       —       4.3  
                   
    Net earnings $ 367.9     $ 347.2     $ 1,087.0     $ 995.2  
                   
    Net earnings per share from continuing
    operations:
                 
    Basic $ 3.43     $ 3.23     $ 10.15     $ 9.30  
    Diluted $ 3.40     $ 3.21     $ 10.06     $ 9.23  
                   
    Net earnings per share from discontinued
    operations:
                 
    Basic $ —     $ 0.02     $ —     $ 0.04  
    Diluted $ —     $ 0.02     $ —     $ 0.04  
                   
    Net earnings per share:              
    Basic $ 3.43     $ 3.25     $ 10.15     $ 9.34  
    Diluted $ 3.40     $ 3.23     $ 10.06     $ 9.27  
                   
    Weighted average common shares outstanding:              
    Basic   107.2       106.7       107.1       106.5  
    Diluted   108.1       107.6       108.0       107.3  
                                   
    Roper Technologies, Inc.    
    Selected Segment Financial Data (unaudited)
    (Amounts in millions; percentages of net revenues)
                                   
      Three months ended September 30,   Nine months ended September 30,
        2024       2023       2024       2023  
      Amount   %   Amount   %   Amount   %   Amount   %
    Net revenues:                              
    Application Software $ 984.4       $ 803.4       $ 2,811.4       $ 2,335.1    
    Network Software   367.1         364.1         1,102.1         1,076.7    
    Technology Enabled
    Products
      413.1         395.9         1,248.6         1,152.5    
    Total $ 1,764.6       $ 1,563.4       $ 5,162.1       $ 4,564.3    
                                   
                                   
    Gross profit:                              
    Application Software $ 672.8   68.3 %   $ 557.7   69.4 %   $ 1,939.6   69.0 %   $ 1,609.2   68.9 %
    Network Software   311.8   84.9 %     310.7   85.3 %     935.9   84.9 %     914.0   84.9 %
    Technology Enabled
    Products
      237.1   57.4 %     227.9   57.6 %     720.5   57.7 %     658.8   57.2 %
    Total $ 1,221.7   69.2 %   $ 1,096.3   70.1 %   $ 3,596.0   69.7 %   $ 3,182.0   69.7 %
                                   
                                   
    Operating profit*:                              
    Application Software $ 259.8   26.4 %   $ 206.9   25.8 %   $ 750.5   26.7 %   $ 601.3   25.8 %
    Network Software   166.0   45.2 %     164.4   45.2 %     492.1   44.7 %     465.0   43.2 %
    Technology Enabled
    Products
      141.1   34.2 %     137.1   34.6 %     424.0   34.0 %     391.7   34.0 %
    Total $ 566.9   32.1 %   $ 508.4   32.5 %   $ 1,666.6   32.3 %   $ 1,458.0   31.9 %
                                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $70.3 and $62.3 for the three months ended September 30, 2024 and 2023, respectively, and $194.5 and $175.6 for the nine months ended September 30, 2024 and 2023, respectively.
     
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Cash flows from operating activities:      
    Net earnings from continuing operations $ 1,087.0     $ 990.9  
    Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
    Depreciation and amortization of property, plant and equipment   27.9       26.3  
    Amortization of intangible assets   573.8       532.8  
    Amortization of deferred financing costs   7.0       7.7  
    Non-cash stock compensation   112.9       99.2  
    Equity investments gain, net   (93.6 )     (98.7 )
    Income tax provision   289.4       275.5  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   82.8       25.8  
    Unbilled receivables   (17.1 )     (15.3 )
    Inventories   (8.3 )     (11.2 )
    Accounts payable   (7.2 )     12.1  
    Other accrued liabilities   (1.7 )     (72.0 )
    Deferred revenue   24.5       18.6  
    Cash taxes paid for gain on disposal of business   —       (16.4 )
    Cash income taxes paid, excluding tax associated with gain on disposal of
    business
      (383.1 )     (335.6 )
    Other, net   (23.3 )     (24.0 )
    Cash provided by operating activities from continuing operations   1,671.0       1,415.7  
    Cash used in operating activities from discontinued operations   —       (2.4 )
    Cash provided by operating activities   1,671.0       1,413.3  
           
    Cash flows from (used in) investing activities:      
    Acquisitions of businesses, net of cash acquired   (3,464.1 )     (1,970.1 )
    Capital expenditures   (39.2 )     (37.8 )
    Capitalized software expenditures   (33.4 )     (28.7 )
    Distributions from equity investment   9.5       25.3  
    Other, net   (1.0 )     0.6  
    Cash used in investing activities from continuing operations   (3,528.2 )     (2,010.7 )
    Cash provided by disposition of discontinued operations   —       2.0  
    Cash used in investing activities   (3,528.2 )     (2,008.7 )
           
    Cash flows from (used in) financing activities:      
    Proceeds from senior notes   2,000.0       —  
    Payments of senior notes   (500.0 )     (700.0 )
    Borrowings under revolving line of credit, net   565.0       910.0  
    Debt issuance costs   (24.7 )     —  
    Cash dividends to stockholders   (241.1 )     (217.5 )
    Proceeds from stock-based compensation, net   88.1       99.3  
    Treasury stock sales   14.5       11.6  
    Other   (0.1 )     (0.1 )
    Cash provided by financing activities   1,901.7       103.3  
    (Continued)
           
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited) – Continued
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Effect of exchange rate changes on cash   10.8       (1.2 )
           
    Net increase (decrease) in cash and cash equivalents   55.3       (493.3 )
           
    Cash and cash equivalents, beginning of period   214.3       792.8  
           
    Cash and cash equivalents, end of period $ 269.6     $ 299.5  
           

    The MIL Network –

    January 24, 2025
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