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  • MIL-OSI: Montauk Renewables Schedules First Quarter 2025 Conference Call for Friday, May 9, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, April 29, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Friday, May 9, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    First Quarter 2025 Conference Call and Webcast Details

    Date: Friday, May 9, 2025
    Time: 8:30 a.m. ET
    Participant Access: [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through May 9, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI Africa: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excelencias:

    En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

    Él fue siempre un mensajero de esperanza. 

    Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

    En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

    Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.  

    Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

    Muchas gracias.

    ***
    [All-English]

    Excellencies, ladies and gentlemen,

    His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.  

    He was a champion of the most marginalized people on earth.

    He was a voice of community in a world of division…

    A voice of mercy in a world of cruelty…

    A voice of peace in a world of war.

    And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

    During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

    On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

    Excellencies,

    Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

    As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

    These early experiences sharpened his conviction that faith must be an engine of action and change.  

    Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.  

    His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

    While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”  

    I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

    Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

    He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

    And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

    When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility. 

    He always saw challenges through the eyes of those on the peripheries of life. 

    And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.   

    Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.  

    He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

    He did it with his global platform — but he also did it in much more personal and profound ways.

    Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

    As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

    And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.      

    Throughout, Pope Francis was a clear voice of justice for people and planet.

    He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

    He also highlighted the clear ties between environmental degradation and the degradation of humanity.

    Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

    Excellencies,

    In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

    He was forever a messenger of hope. 

    Now it falls to all of us to carry this hope forward.

    At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
    Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.  

    As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

    Thank you.

    ***
    [All-French]

    Excellences, Mesdames et Messieurs,

    Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

    Il s’était fait le champion des personnes les plus marginalisées sur Terre.

    Il était une voix de solidarité dans un monde de clivages…

    Une voix de compassion dans un monde de cruauté…

    Une voix de paix dans un monde de guerre.

    C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

    Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

    Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

    Excellences,

    Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

    Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

    Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

    Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

    Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

    Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

    Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

    En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

    Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

    L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

    Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

    Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

    Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

    Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

    Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

    Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

    Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

    L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

    Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

    Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

    Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

    Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

    Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

    Excellences,

    Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

    Il aura été jusqu’au bout un messager de l’espérance.

    Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

    À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

    Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

    Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

    Je vous remercie.
     

    MIL OSI Africa –

  • MIL-OSI USA: NEWS: Sanders, Jayapal, Dingell, Hundreds of Health Care Workers Introduce Medicare for All

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, April 29 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), alongside Rep. Pramila Jayapal (D-Wash.) and Rep. Debbie Dingell (D-Mich.), today introduced the Medicare for All Act. Hundreds of nurses, health care providers and workers from around the nation joined the lawmakers for a press conference in front of the Capitol.
    In America today, despite spending twice as much per person on health care as other wealthy nations, more than 85 million Americans are uninsured or underinsured, one out of every four Americans cannot afford their prescription drugs, over half a million people go bankrupt due to medically-related debt, and more than 60,000 die because they cannot afford to go to a doctor.
    “The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders. “It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”
    “It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken health care system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky-high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”
    “Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.”
    Under this legislation, Medicare would provide comprehensive health care to every American with no premiums, no co-payments and no deductibles. It would also expand Medicare to include dental, hearing, and vision care, and it would give every American the freedom to choose their doctors without endless paperwork or fighting their insurance company. The Congressional Budget Office has estimated that Medicare for All would save our health care system $650 billion a year. Further, researchers at Yale University have estimated that Medicare for All would save 68,000 lives a year.
    This legislation would also create a health care system that finally puts people over profits. In fact, since 2001, the top health care companies in America spent 95 percent of their profits, $2.6 trillion, not to make Americans healthy but to make their CEOs and stockholders obscenely rich. While nearly one out of four Americans cannot afford the life-saving medicine their doctors prescribe, ten top pharma companies made $102 billion in profits in 2024. Meanwhile, the CEOs of just 4 prescription drug companies – Pfizer, Johnson & Johnson, Eli Lilly, and Merck – together made over $100 million last year.
    The legislation has 104 cosponsors in the House and has 16 cosponsors in the Senate – an increase in the number of Senate cosponsors from last Congress – including Sens. Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.).
    “Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”
    “We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Program. “With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”
    “As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president of Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”
    “Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said Mark Dimondstein, President of American Postal Workers Union. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal health care working people deserve. Medicare for All, health care as a human right, will make us all healthier and financially better off. A health care system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”
    “Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table,” said Shawn Fain, President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). “We’re sick of having to go on strike just to have decent health care. We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”
    “If you want to renew the public’s faith in our political system, pass the Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”
    “Health care is a right, not a privilege. The reintroduction of the Medicare for All Act is a crucial step toward ending a system that profits from people’s pain,” said Analilia Mejia and DaMareo Cooper, Co-Executive Directors of Popular Democracy. “Too many Americans are forced to choose between paying their rent and paying for life-saving medication, while corporations rake in billions. Medicare for All isn’t just a policy—it’s the lifeline working families desperately need. Our communities deserve a health care system that prioritizes people over profits. We will fight until we win the health care we deserve.”
    “Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”
    Read the bill text here.

    MIL OSI USA News –

  • MIL-OSI Global: The impact of strategic voting in Canada

    Source: The Conversation – Canada – By Terri Givens, Professor, Political Science, University of British Columbia

    Initially expected to result in a decisive Conservative victory, the Canadian federal election took a dramatic turn as Mark Carney led the Liberals to victory. It also offered an important lesson in the power of strategic voting — driven not just by domestic politics but by external pressures from the United States and a re-energized Liberal campaign.

    In December 2024, the Conservative Party was leading the Liberal Party by more than 20 points in the polls. But Justin Trudeau’s resignation, combined with U.S. President Donald Trump’s antagonistic stance towards Canada, triggered a sharp shift in public opinion.

    When Carney stepped in as prime minister and party leader, the stage was set for a Liberal comeback. But what had been seen as a referendum on the 10-year rule of the Liberal Party ended up being focused on the existential threat posed by Trump’s tariffs and his calls to turn Canada into the 51st state.

    During the campaign, many voters discussed their intention to switch from the Conservatives to the Liberals.

    The pushback against the Conservatives, and in particular their leader, Pierre Poilievre, led to him losing in his own riding, although the Conservatives gained more seats overall.

    The Liberals benefited from strategic voting, but it was the NDP that appeared to lose the most from this strategy.

    The NDP went from winning 25 seats in the previous election to only seven, while their leader Jagmeet Singh also lost in his riding, leading to his resignation as party leader.

    Strategic voting on display

    My first book, Voting Radical Right in Western Europe (2009), focused on the impact of strategic voting. At the time, I observed that political parties would often try to induce voters to vote strategically for a party or candidate that might not otherwise be their first choice.

    This type of strategic voting was clearly on display in the second round of the French presidential election in 2002, when Jean-Marie Le Pen of the far right National Front faced Jacques Chirac in the second round.

    Some left-leaning voters went to the polls with clothespins on their noses or latex gloves on to vote for Chirac and keep Le Pen out of the presidency.

    This strategy worked again in the July 2024 legislative elections in France, where the left and mainstream right-leaning parties came together to make sure that they didn’t split the vote in districts where it could lead to a win by the far-right Rassemblement National (National Rally). In both cases, voters chose more moderate candidates, reducing the influence of the far right.

    Electoral systems are often designed to encourage voters to choose a more moderate candidate. This approach includes putting electoral hurdles in place. For example, parties in Germany have to win at least five per cent of the vote or win three district seats to enter the legislature.

    This approach had been successful since the Second World War in keeping far right parties out of the legislature — that is until the recent success of the Alternative for Germany party.

    The ability of that party to gain votes in the former East Germany has been the main reason for its success.

    Winners and losers in Canada

    Canada presents an interesting case for strategic voting. In the lead-up to the federal election, many voters were posting suggestions for strategic voting in districts where the vote was being split between parties, particularly on the left.

    For example, there was a close race in a riding in British Columbia between the Green and Conservative candidates. I noticed social media posts in which voters were encouraged to shift their vote from the NDP or Liberal candidates to give the Green candidate a better chance of winning the riding.

    As of April 25, Conservatives were expected to win the riding, but on election night, Elizabeth May from the Green Party won with 39 per cent of the vote, with the Conservative candidate falling to third place behind the Liberals.

    Given the fact that the Canadian electoral system is winner-take-all in each riding, it’s important that voters understand the broader impact of their vote on the national outcome.

    It’s likely that many voters switched their votes from their smaller, preferred party — particularly the NPD — to one of the main parties, depending on the kind of poll projections they might have been seeing in their ridings.

    This situation exemplifies the importance of parties providing clear information on potential outcomes to encourage voters to use their vote strategically to get a desired outcome at the national level.

    Terri Givens 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. The impact of strategic voting in Canada – https://theconversation.com/the-impact-of-strategic-voting-in-canada-255489

    MIL OSI – Global Reports –

  • MIL-OSI USA: Wyden Urges Commerce Department to Establish Clear Guidelines to Prevent the Illegal Diversion of Firearms Sold Abroad

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    April 29, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., today called on the Commerce Department to establish clear guidelines to prevent the illegal diversion of American-made firearms sold abroad.

    Wyden’s letter to Commerce Department Secretary Howard Lutnick follows recent reports indicating that staffing shortages at the Bureau of Industry and Security (BIS), a subagency of Commerce, have hampered its ability to effectively vet foreign companies purchasing U.S.-made firearms and prevent them from diverting these weapons to terrorists or other criminals.

    “End-use checks, which require on-location verification of importers’ bona fides, are the cornerstone of an effective export control policy and are paramount to ensure end user compliance with approved license agreements and to verify that controlled dual-use items like firearms are not being illicitly diverted or re-exported to bad actors,” Wyden stated in his letter to Secretary Lutnick.

    These staffing shortages have also led BIS to rely in some cases on the International Trade Administration (ITA) – whose primary responsibility is to promote and facilitate U.S. commercial interests abroad – to carry out on-site inspections known as “end-use checks,” which are meant to ensure that purchasers are not merely operating as fronts to funnel American-made firearms to criminal organizations. However, in some cases, ITA staff who conducted end-use checks also recruited foreign businesses to attend a firearms trade show, posing a clear conflict of interest. 

    “An official charged with national security responsibilities over certain firearms cannot and should not be the same official charged with selling the same firearms,” Wyden emphasized, raising further concerns about ITA’s serious conflict of interest in playing two very different roles at once. ITA officials may also lack the requisite training, knowledge, and investigative experience to vet foreign actors purchasing American firearms.

    To prevent conflicts of interest and strengthen oversight to ensure American firearms exported abroad do not end up in the hands of foreign terrorist organizations or other bad actors, Wyden requested Secretary Lutnick create clear intra-agency guidelines and respond to the following questions:

    1. Is BIS planning on establishing an Export Control Officer position for either the Western Hemisphere or Africa?
    2. Will the Commerce Department commit to requiring BIS and ITA to develop guidance, including standard operating procedures for ITA FCS officers who are conducting end-use checks?
    3. Does ITA have a policy on allowing locally employed staff to conduct end-use monitoring?
    4. What training do ITA FCS officers currently receive regarding end-use monitoring and Export Administration Regulations?
    5. How many end-use checks for firearms or related items such as ammunition and optical devices have been conducted by ITA FCS officers in the last five calendar years? How many of these checks resulted in the denial of exports?
    6. How many firearms export licenses have been approved by BIS since February 1, 2025?

    The text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Cassidy Introduce Bipartisan Legislation to Help Working Families Afford Their First Homes

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Bill Cassidy (R-La.) reintroduced the bipartisan Affordable Housing Bond Enhancement Act, which would make homeownership more accessible and sustainable for working families. The bill would update and expand the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificates (MCC) programs that have helped more than four million working-class families purchase their first home. The legislation would also help homeowners disaster-proof their houses to mitigate damage from increasingly common fires, devastating storms, and other natural disasters and would permit homeowners to refinance to a lower-cost mortgage.

    “Hardworking families deserve the safety and security of a roof over their heads, said Senator Cortez Masto. “These tax credits and interest rate reductions will give working Nevadans a meaningful break as they take the important step of buying a first home. I will continue working in a bipartisan way to make sure that Nevadans have access to secure, affordable housing.”

    “Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”

    Families with incomes of 115% of Area Median Income or less are able to receive discounted interest rates when they buy a home with an MRB. They also may be able to utilize an MCC that helps families qualify to buy a home and allows them to sustain homeownership over time. Cortez Masto and Cassidy’s bipartisan legislation makes updates and reforms to the MRB and MCC programs to better serve working families. Specifically, the Affordable Housing Bond Enhancement Act would: 

    • Simplify the administration of both MRB and MCC programs and make commonsense changes to ensure the tax benefits will aid working families.
    • Add additional flexibility for homeowners, including allowing homeowners to refinance their mortgages.
    • Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements—including adding accessible bathrooms and ramps to help older and disabled Americans remain in their home, as well as supporting energy efficiency upgrades and disaster mitigation renovations. The bill raises the current funding limit of $15,000 to $75,000 and indexes it for inflation.
    • Provide housing finance agencies with flexibility to extend loan and credit periods to account for delays due to supply chain issues or construction shortages.  

    You can find a one-pager about the bill here and the full bill text here.

    Senator Cortez Masto has been a leader working to lower costs and build more housing supply. Recently, she reintroduced the HOME and PRICE Acts to increase the supply of and access to affordable housing. Last year she secured $9.4 million from the Federal Home Loan Bank of San Francisco’s targeted Nevada fund — almost twice as much as Nevada received the previous year — to build more middle-class homes, and she’s pushing to reform the FHLB system. 

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Introduces Bill to Help Working Families Afford Their First Homes

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Affordable Housing Bond Enhancement Act to make homeownership more accessible for working families by improving tax credits for first-time homebuyers. The bill improves access to affordable home ownership by expanding tax credits for first-time buyers and making it easier for MRB borrowers to finance home improvements.
    “Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”
    “The National Council of State Housing Agencies (NCSHA) thanks Senators Bill Cassidy and Cortez Masto for introducing the Affordable Housing Bond Enhancement Act, which will expand access to homeownership for low- and moderate-income home buyers,” said Stockton Williams, executive director of NCSHA. “Mortgage Revenue Bonds and Mortgage Credit Certificates historically have been the state housing finance agencies’ primary tool for financing affordable homeownership opportunities for working families, having helped nearly four million home buyers combined. This legislation will enact a series of simple, commonsense reforms to the MRB and MCC programs that will allow HFAs to better stretch their resources and help more underserved households.”
    Cassidy was joined by U.S. Senator Catherine Cortez Masto (D-NV) in reintroducing the legislation.
    Specifically, the Affordable Housing Bond Enhancement Act would: 

    Simplify the application process for MRB and MCC programs and make commonsense changes to use tax benefits to aid working families and add additional flexibility for borrowers.
    Allow homeowners to refinance their mortgages with MRB loans, lowering costs for homeowners.
    Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements, including possibly adding accessible bathrooms and ramps to help older and disabled Americans remain in their homes, as well as supporting energy efficiency upgrades or disaster mitigation renovations. The bill raises the current limit of $15,000 to $75,000.
    Provide housing finance agencies with the flexibility to extend loan and credit periods to account for delays due to the pandemic, supply chain issues, or construction shortages. 
    Only require the issuers, not the lenders, to report MCC recipients to the IRS for tax accuracy and shorten the lengthy 90-day public notice requirement to 30 days to encourage more widespread use of the MCC program.

    This legislation is endorsed by the National Council of State Housing Agencies, LISC, National Association of REALTORS, National Association of Homebuilders, and the Mortgage Bankers Association. 

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Applauds Woodside Energy’s Historic $17.5 Billion LNG Investment in Louisiana

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) applauded the announcement that the Woodside Energy Group Ltd, will invest $17.5 billion in Calcasieu Parish for a greenfield liquified natural gas (LNG) export facility. The project, called Louisiana LNG, is the largest single greenfield investment and the largest single foreign direct investment in Louisiana history. Louisiana LNG will support 15,000 jobs during construction and thousands more per year once operational.
    “History is being made today because Louisiana has become a place companies want to invest in,” said Dr. Cassidy. “President Trump’s first 100 days have been filled with great wins for American energy and jobs. Louisiana has been at the center of it.”
    Louisiana LNG is the first greenfield LNG export facility to advance since President Trump rolled back the Biden-Harris administration’s disastrous pause on LNG export permits. 
    Background
    In January, Cassidy released a statement applauding President Trump’s executive order to lift the Biden administration’s harmful pause on liquefied natural gas (LNG) export permitting. Last year, immediately following the Biden-Harris administration’s announcement that they would freeze pending applications for LNG export permits, Cassidy led 25 of his Republican colleagues in condemning the decision. Cassidy also delivered a speech on the U.S. Senator floor blasting the decision.
    He also introduced with U.S. Senator John Barrasso (R-WY) the LNG Security Act to reverse President Biden’s LNG export ban and require the U.S. Department of Energy (DOE) to approve LNG exports to all countries that have imported, currently import, or are capable of importing Russian or Iranian natural gas. Additionally, he introduced the Unlocking Domestic LNG Potential Act, which depoliticizes the export of American liquefied natural gas. It eliminates the requirement for the DOE to authorize exports and instead gives the Federal Energy Regulatory Commission (FERC) sole authority over the approval process. 
    In February 2024, Cassidy penned an op-ed with U.S. Senator John Cornyn (R-TX) in the Houston Chronicle underscoring the devastating economic, environmental, and national security impacts of the Biden-Harris decision to freeze new LNG export projects.

    MIL OSI USA News –

  • MIL-OSI Russia: Financial News: Over 500,000 Private Investors Made Deals Over the Weekend

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    On April 26, 2025, the maximum volume of transactions was recorded during the additional weekend trading session on the Moscow Exchange. At the end of the day, the trading volume amounted to 29.8 billion rubles.

    Over 505,000 people took advantage of the opportunity to make deals with shares on the Moscow Exchange in the first two months of weekend trading. During this period, traders and their clients made almost 3.5 million deals with a total volume of 154.1 billion rubles.

    30 professional bidders took part in the auction.

    Moscow Exchange reminds that on May 3-4 and May 10-11 trading on the stock market will be held within the framework of additional weekend session. A detailed schedule of trades during the May holidays can be found on the Moscow Exchange website.

    Participants have access to 100 shares of Russian companies during weekend trading sessions. Liquidity is supported by market makers. Trading is conducted within the framework of an additional weekend session, which is part of the trading day following the weekend. To reduce volatility risks and ensure liquidity, price boundaries during weekend trading are narrowed to 3% of the last current price of the previous trading day.

    Weekend trading on the Moscow Exchange stock market launched on March 1, 2025.

    A detailed description of the weekend trading technology is posted on the Moscow Exchange website.

    Stock Market Trading CalendarMoney Market Trading CalendarTrading calendar

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.K.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Number of borrowers and indebtedness of citizens decreased in the second half of 2024

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    For the first time since 2022, the total number of borrowers from banks and microfinance organizations decreased by 0.5 million in six months, amounting to just over 50 million people, according to data from credit history bureaus.

    Banks began to limit the risks of borrowers becoming over-indebted by reducing the average size of a cash loan (it decreased by 20%) and its term (the share of loans up to one year increased by 13 percentage points, to 21%).

    In Q4 2024, the number of the most indebted borrowers with at least three loans decreased by 0.5 million people, but they still account for about half of the debt on retail loans.

    The number of citizens with a mortgage remained at the same level, amounting to 10.2 million people. At the same time, banks began to issue mortgage loans for a term of over 30 years less frequently. The share of borrowers who take out a consumer loan before a mortgage has decreased. This indicates that the likelihood of a down payment using credit funds has decreased.

    Read more in the information and analytical material “Analysis of trends in the retail lending segment based on credit bureau data” for the second half of 2024.

    Preview photo: Urbanscape / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23582

    MIL OSI Russia News –

  • MIL-OSI Russia: Yuri Trutnev: The forest in Russia, like all other resources, should be used as efficiently as possible

    Translation. Region: Russian Federal

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

    Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a working meeting with timber industry workers from Primorsky Krai in Vladivostok.

    “We will discuss the use of forest resources. Unfortunately, forests in the Russian Federation are used to a much lesser extent than in other forest countries. In addition, there is a certain downward trend. In the first quarter of this year, timber harvesting in Primorsky Krai decreased by 11%, and exports decreased even more. Accordingly, tax revenues from industry enterprises to the regional budget amounted to 3%. There were a number of speeches on the topic of, say, more effective regulation of the industry. So far, there have been no major changes here. We need to ensure that forests in Russia, like all other resources, are used as efficiently as possible,” Yuri Trutnev opened the meeting.

    The issues discussed included the implementation of forest management activities in the Primorsky Krai, the work of the Federal State Information System of the Forestry Complex, and support by forestry enterprises of the Primorsky Krai for the special military operation.

    According to Primorsky Krai Governor Oleg Kozhemyako, since the beginning of the SVO, forestry companies operating in the region have transferred more than 16 thousand cubic meters of timber, more than 50 units of equipment, supplied equipment, weapons, medicines and provided other assistance to military units. During the period of partial mobilization, they equipped and provided military training grounds and tent cities with the necessary materials entirely at their own expense.

    “We have always provided and continue to provide large-scale, free assistance to the families of military personnel – tens of thousands of cubic meters of firewood, money. Their fellow countrymen who serve on the front lines contact their leaders directly. And they never get a refusal – on any issues. Now our enterprises have organized a rhythmic and regular free supply of lumber to the troops, to the SVO zone. Despite the sanctions, the decline in revenue and the difficult economy, assistance to the army is being scaled up,” said Oleg Kozhemyako.

    The meeting discussed the work of the Primorsky branch of the Federal State Budgetary Institution “Roslesinforg”. The previous management of the branch concluded 19 contracts with forest lessees of Primorsky Krai on forest management (forest taxation) on an area of 330 thousand hectares, for which obligations were overdue. The work was not completed, the funds were spent, and an irreparable cash gap was actually formed. The work was either not started, or it needs to be completely redone.

    In addition to unfulfilled obligations to businesses, the Primorsky branch of Roslesinforg has had debts to the region since 2020 under a contract for the establishment of rural forests on an area of 50 thousand hectares. These works were ordered at the expense of their own budget. The forest management work carried out under the 2023 state assignment in the Ussuri forestry on an area of 127 thousand hectares requires a complete review and large-scale adjustment.

    Currently, the Primorsky branch is fulfilling overdue obligations through current business and financial activities with an acute shortage of tax engineers and funds allocated for the fulfillment of the state assignment: the branch is forced to spend a significant portion of the funds received from new customers to fulfill overdue obligations and fulfill the state assignment for 2024 and 2025.

    The new head of the branch takes a set of measures aimed at independently resolving the current situation (an agreement is reached with the tenants of forest areas on extending the terms of execution of contracts, new employees are actively hired, including those with remote employment from other regions, new contracts are concluded, etc.). But the measures taken are clearly insufficient due to the scale of the problem; intervention by the federal center is required to correct the current situation with forest management in the Primorsky Territory, as well as a deep analysis of this area as a whole, including an assessment of the effectiveness of the decisions taken on federalization and monopolization of these powers.

    Yuri Trutnev instructed the Ministry of Natural Resources to develop and submit proposals for remote forestry accounting.

    “A number of unqualified management actions have led to people not being able to obtain forest plots and even information, or build a timber processing plant. We have promoted a clear way to solve this problem – forest management based on space images and aerial photographs. We can keep records of forests based on remote methods. The Ministry of Natural Resources supports this solution. We discussed this together with the minister. Therefore, we need to switch to remote methods as quickly as possible and restore order in the forest,” said Yuri Trutnev.

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

    MIL OSI Russia News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Incentivizes Domestic Automobile Production

    Source: The White House

    INCENTIVIZING DOMESTIC AUTO PRODUCTION: Today, President Donald J. Trump signed a proclamation to protect national security by incentivizing domestic automobile production and reducing American reliance on imports of foreign automobiles and their parts.

    • The proclamation modifies the tariff action on automobiles and automobile parts by encouraging manufacturers to assemble their automobiles in the U.S., thereby reducing American reliance on foreign imports of automobiles and automobile parts.
    • It offers an offset to a portion of tariffs for automobile parts used in U.S.-assembled vehicles equal to 3.75% of the Manufacturer’s Suggested Retail Price (MSRP) of a manufacturer’s U.S. production for the next year (April 3, 2025 to April 30, 2026), and 2.5% of U.S. production the year after (May 1, 2026 to April 30, 2027).
      • These percentages reflect the duty that would be owed when a 25% duty is applied to 15% of the value of a U.S.-assembled automobile in the first year, and to 10% of the value of a U.S.-assembled automobile in the second year.
      • All other automobile imports will still be subject to the 25% tariff.
      • For instance, if a manufacturer builds a car in the U.S. that has 85% U.S. or USMCA content, the manufacturer effectively will not owe tariffs on that vehicle’s production for the first year.
      • If a manufacturer builds a car in the U.S. that is 50% U.S. or USMCA content and 50% imported from elsewhere, then instead of paying the tariff on the full 50% of the imported car parts, the manufacturer effectively only pays on 35% for the first year.
    • The proclamation sets strict penalties for importers who claim tariff reduction in excess of approved amounts.
    • This modified action will more effectively address the threat to national security by reducing reliance on foreign manufacturing, strengthening U.S. vehicle assembly operations, boosting domestic R&D, and creating American jobs, all of which are essential to a strong defense industrial base.

    MAINTAINING A RESILIENT DOMESTIC INDUSTRIAL BASE: President Trump is taking further action to ensure the U.S. can sustain its domestic industrial base and meet national-security needs. 

    • The COVID-19 pandemic exposed critical vulnerabilities and choke points in global supply chains, undermining our ability to maintain a resilient domestic industrial base.
    • Legislation, pre-existing trade agreements like the USMCA, revisions to the U.S.-Korea Free Trade Agreement, and subsequent negotiations have not sufficiently mitigated the threat to national security posed by imports of automobiles and certain automobile parts.
    • Foreign automobile industries, bolstered by unfair subsidies and aggressive industrial policies, have expanded, while U.S. production has stagnated.
    • In 1985, American-owned facilities in the United States manufactured 11.0 million automobiles, representing 97% of overall domestic (American- and foreign-owned) production of automobiles.
    • In 2024, Americans bought approximately 16 million cars, SUVs, and light trucks, and 50% of these vehicles were imports (8 million).
      • Of the other 8 million vehicles assembled in America and not imported, the average domestic content is conservatively estimated at only 50% and is likely closer to 40%.
      • Therefore, of the 16 million cars bought by Americans, only 25% of the vehicle content can be categorized as Made in America.
    • The United States trade deficit in automobile parts reached $93.5 billion in 2024.
    • Currently, the U.S. automobile and automobile parts industry (American-owned and foreign-owned firms) employs approximately one million U.S. workers.
    • Employment in automotive parts manufacturing totaled approximately 553,300 jobs in 2024, a decline of 286,000 jobs or 34% since 2000.
    • In 2023, Research and Development (R&D) by American-owned automobile manufacturers amounted to only 16% of global R&D spending. R&D by American-owned firms lagged behind the EU, which controlled 53% of global R&D.

    MIL OSI USA News –

  • MIL-OSI USA News: Amendments to Adjusting Imports of Automobiles and Automobile Parts Into the United States

    Source: The White House

    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

    A PROCLAMATION

    1.  On February 17, 2019, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of passenger vehicles (sedans, sport utility vehicles, crossover utility vehicles, minivans, and cargo vans) and light trucks (collectively, automobiles) and certain automobile parts (engines and engine parts, transmissions and powertrain parts, and electrical components) (collectively, automobile parts) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
    2.  In Proclamation 9888 of May 17, 2019 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I concurred with the Secretary’s finding in the February 17, 2019, report that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.  I directed the United States Trade Representative (Trade Representative), in consultation with other executive branch officials, to pursue negotiation of agreements to address the threatened impairment of the national security of the United States with respect to imported automobiles and certain automobile parts from certain countries.  The Trade Representative’s negotiations did not lead to any agreements of the type contemplated by section 232.  I also directed the Secretary to monitor imports of automobiles and certain automobile parts and inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action under section 232 with respect to such imports.
    3.  In Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I found, based on information newly provided by the Secretary, that imports of automobiles and certain automobile parts continued to threaten to impair the national security of the United States and deemed it necessary and appropriate to impose a tariff system to adjust imports of automobiles and certain automobile parts so that such imports will not threaten to impair national security.  The tariffs on automobiles have been in effect since 12:01 a.m. eastern daylight time on April 3, 2025; the tariffs on automobile parts are set to go into effect on or after 12:01 a.m. eastern daylight time on May 3, 2025. 
    4.  In Proclamation 10908, I also deemed it necessary and appropriate to establish processes to identify and impose tariffs on additional automobile parts to ensure that the tariffs on automobiles and certain automobile parts are not circumvented and that the purpose of this action to eliminate the threat to the national security of the United States by imports of automobiles and certain automobile parts is not undermined.  I directed the Secretary to set up such a process within 90 days of the date of Proclamation 10908.
    5.  In Proclamation 10908, I also directed the Secretary to continue to monitor imports of automobiles and automobile parts, to review the status of such imports with respect to national security, and to inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary has advised me that additional action is warranted in the interest of meeting the national security objectives outlined in Proclamation 10908.
    6.  In my judgment, it is necessary and appropriate to modify the system of monetary fees and related measures imposed to adjust imports of automobiles and certain automobile parts pursuant to Proclamation 10908 to more effectively eliminate the threat imports of automobiles and certain automobile parts pose on the national security of the United States.
    7.  I determine that the modified system, by linking the ultimate monetary fee imposed on imports of automobile parts to the imports’ use in assembly of automobiles within the United States, in the way and on the timeline described below, will adjust imports of automobiles and automobile parts and more effectively eliminate such imports’ threat to impair national security.  I find that the modified system will more effectively eliminate the national security threat because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts; strengthen United States vehicle assembly operations by encouraging companies to expand domestic production capacity, which is critical to a strong domestic defense industrial base; shift manufacturing activity into the United States; increase domestic automotive research and development so that American-owned producers can produce cutting-edge technologies that are essential to the United States defense industrial base and our military superiority; create jobs in the automotive industry that increase the number of employees in the domestic automotive industry; and ensure that other benefits of production are concentrated in the United States. 
    8.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States so that such imports will not threaten to impair national security.
    9.  Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code; section 604 of the Trade Act of 1974, as amended; and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows:
    (1)  To more effectively eliminate the threat to impair national security posed by imports of automobiles and automobile parts, I find that it is necessary to modify the system imposed in Proclamation 10908 by reducing duties assessed on automobile parts accounting for 15 percent of the value of an automobile assembled in the United States for 1 year and equivalent to 10 percent of that value for an additional year as follows:
    (a)  For automobiles assembled in the United States, automobile manufacturers shall be eligible to receive an import adjustment offset amount applicable to section 232 duties on automobile parts based on the following schedule:
    (i)   The automobile manufacturer may apply for an import adjustment offset amount equal to 3.75 percent of the aggregate Manufacturer’s Suggested Retail Price (MSRP) value of all automobiles assembled in the United States from April 3, 2025, through April 30, 2026.
    (ii)  The automobile manufacturer may apply for an import adjustment offset amount equal to 2.5 percent of the aggregate MSRP value of all automobiles assembled in the United States from May 1, 2026, through April 30, 2027.
    (b)  The percentage rate provided in subsection (i) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 15 percent of an automobile’s MSRP value.  The percentage rate provided in subsection (ii) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 10 percent of an automobile’s MSRP value. 
    (c)  Only automobiles that undergo final assembly in the United States are eligible to be included in this calculation.  The manufacturer’s import adjustment offset amount may only be used by importers of record authorized by that manufacturer, and the amount may only be used to offset tariff liability related to that manufacturer’s automobile parts tariff liability under Proclamation 10908.  Should a manufacturer’s import adjustment offset amount exceed the total amount attributable to that manufacturer’s automobile parts tariff liability under Proclamation 10908, the relief is capped at the total amount of that manufacturer’s automobile parts tariff liability under Proclamation 10908, and the manufacturer may not use the additional amount above that cap to offset any other tariff liability.  A manufacturer with an approved import adjustment offset amount may determine the importers of record eligible to decrement against that manufacturer’s import adjustment offset amount, and that list of importers of record may include suppliers in that manufacturer’s supply chain for automobiles assembled in the United States if the manufacturer so chooses.
    (2)  (a)  Within 30 days of the date of this order, the Secretary shall establish a process by which manufacturers seeking an import adjustment offset amount shall submit to the Secretary:
    (i)    documentation certifying the number of automobiles the manufacturer projects it will assemble in the United States, as well as a list of all plant locations where the projected automobiles will undergo final production;
    (ii)   documentation certifying the manufacturer’s projected cost of tariffs due to imported automobile parts subject to Proclamation 10908, broken down by tariff costs the manufacturer will incur directly and tariff costs the manufacturer will incur from its suppliers;
    (iii)  documentation detailing the total import adjustment offset amount requested within the schedule determined by the Secretary in accordance with this proclamation;
    (iv)   documentation identifying the importer(s) of record, including importer of record numbers, eligible to use that manufacturer’s import adjustment offset amount, as well as the amount of the manufacturer’s offset amount allotted to each importer of record; and
    (v)    a certification, signed by a senior officer of the manufacturer, attesting under penalty of perjury that the information submitted under subsections (i) through (iv) is true, complete, and accurate to the best of the manufacturer’s knowledge, and that the manufacturer has conducted reasonable due diligence to verify the accuracy of the assertions and facts contained in its submissions.
    (b)  Upon verification of the completeness and accuracy of a manufacturer’s submission and the manufacturer’s eligibility, the Secretary shall approve the application and notify U.S. Customs and Border Protection (CBP) with the information necessary for CBP to administer and implement the manufacturer’s import adjustment offset amount, including importer of record number(s) for the importer(s) eligible to use each offset amount and the approved import adjustment offset amount.  CBP shall confer the approved offset amount to the approved importer(s) of record using processes and mechanisms consistent with CBP’s operational framework and tariff administration procedures, including offset against current tariff obligations due at the time of entry, or other lawful methods.
    (3)  The Secretary, in consultation with the Secretary of the Treasury and the Commissioner of CBP, shall issue such regulations, guidance, and procedures as necessary to carry out the provisions of this proclamation and Proclamation 10908, and may establish standards for determining United States content and for validating manufacturer certifications.
    (4)  The Secretary, in consultation with the United States International Trade Commission and CBP, shall determine whether modifications to the HTSUS are necessary to effectuate this proclamation and may make such modifications through notice in the Federal Registerif needed.
    (5)  CBP shall begin providing approved importers with an import adjustment offset amount as soon as practicable and may request information from importers of record as necessary to implement a particular manufacturer’s import adjustment offset amount. 
    (6)  Should an importer claim and receive any import adjustment offset amount from CBP in excess of the amount approved by the Secretary, CBP may assess monetary penalties in the maximum amount permitted by law.
    (7)  The Secretary shall continue to monitor imports of automobiles and automobile parts.  The Secretary also shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of such imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in Proclamation 10908, or any proclamation issued pursuant thereto, is no longer necessary.
    (8)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  This proclamation shall apply in accordance with the Executive Order of April 29, 2025 (Addressing Certain Tariffs on Imported Articles).
    IN WITNESS WHEREOF, I have hereunto set my hand this
    twenty-ninth day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI USA News: Addressing Certain Tariffs on Imported Articles

    Source: The White House

    class=”has-text-align-left”>
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  The United States has imposed tariffs under various statutory authorities and through a number of Executive Orders and proclamations to protect national security and address unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Although each of these actions, as listed in section 2 of this order, serves separate and distinct policy purposes, I have now determined that, to the extent these tariffs apply to the same article, these tariffs should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals.  To avoid the cumulative effect of overlapping tariffs on certain articles, this order sets out the procedure for determining which of multiple tariffs shall apply to an article when that article is subject to more than one of the actions listed in section 2 of this order.

    Sec. 2.  Applicability.  This order shall apply only to the administration of tariffs imposed through the following actions and subsequent amendments to those tariffs:
    (a)  Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States);
    (b)  Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended by Executive Order 14197 of February 3, 2025 (Progress on the Situation at Our Northern Border), Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), and Executive Order 14231 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border);
    (c)  Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended by Executive Order 14198 of February 3, 2025 (Progress on the Situation at Our Southern Border), Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), and Executive Order 14232 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Southern Border);
    (d)  Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10895 of February 10, 2025 Adjusting Imports of Aluminum Into the United States); and
    (e)  Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).

    Sec. 3.  Non-Stacking of Tariff Measures.  (a)  Notwithstanding any provision of any action listed in section 2 of this order, tariffs for articles subject to tariffs under the actions listed in section 2 of this order shall apply as follows: 
              (i)    An article subject to tariffs pursuant to the action listed in section (2)(a) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in sections 2(b) through 2(e) of this order.
             (ii)   An article subject to tariffs pursuant to the actions listed in section 2(b) or 2(c) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) or 2(e) of this order. 
             (iii)  An article subject to tariffs pursuant to the actions listed in section 2(d) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(e) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs; likewise, an article subject to tariffs pursuant to the actions listed in section 2(e) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs.
         (b)  Subsection (a) of this section shall not be construed to diminish the validity of any action listed in section 2 of this order.  Each action listed in section 2 of this order remains independently valid and enforceable, except that the duty rates provided by these actions shall not be cumulative when the conditions outlined in subsection (a) of this section are met.
         (c)  If an imported article is subject to both a tariff imposed pursuant to subsection (a) of this section and one or more tariffs imposed pursuant to an action or actions not listed in section 2 of this order, then the tariff imposed on the article pursuant to subsection (a) of this section shall be cumulative with the tariff or tariffs imposed pursuant to the action or actions not listed in section 2 of this order.

    Sec. 4.  Non-applicability to Other Tariff Measures.  (a)  Nothing in this order shall be interpreted to alter or limit the application of any duties, taxes, fees, or exactions other than those imposed pursuant to the actions listed in section 2 of this order.
    (b)  Accordingly, an article that is subject to duties pursuant to an action listed in section 2 of this order may still be subject to other applicable duties, taxes, fees, exactions, and charges, such as, but not limited to, those set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTSUS); duties imposed pursuant to section 301 of the Trade Act of 1974, as amended; duties imposed pursuant to Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended; and antidumping and countervailing duties.

    Sec. 5.  Implementation.  (a)  The Secretary of Homeland Security, acting through the Commissioner of U.S. Customs and Border Protection and in consultation with the Secretary of the Treasury, shall take all necessary steps to update guidance, systems, and enforcement mechanisms, including to revise, suspend, or rescind any regulations that may be inconsistent with this order, to reflect the policy set forth in this order.
    (b)  The Secretary of Commerce and the Secretary of Homeland Security, in coordination with the Secretary of the Treasury and the United States Trade Representative, shall provide additional guidance as necessary to ensure consistent interpretation and application of the policy set forth in this order.
    (c)  The Secretary of Homeland Security is authorized to determine whether changes to the HTSUS are necessary and to coordinate with the Chair of the United States International Trade Commission to implement all necessary changes to execute this order.
    (d)  Any changes to the HTSUS necessary to comply with this order shall be made not later than 12:01 a.m. eastern daylight time on May 16, 2025.  This order shall apply retroactively to all entries of merchandise subject to any applicable tariffs outlined in section 2 of this order and made on or after March 4, 2025.  Any refunds will be processed pursuant to applicable laws and U.S. Customs and Border Protection’s standard procedures for such refunds.

    Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        April 29, 2025.

    MIL OSI USA News –

  • MIL-OSI: FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

    Source: GlobeNewswire (MIL-OSI)

    MURRAY, Utah, April 29, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with leading fintech Backd Business Funding (“Backd”). Since its inception in 2019, Backd’s highly rated and experienced team has utilized an efficient and user-friendly process to support business owners with lending solutions best suited for their needs.

    FinWise, through its relationship with Backd, will provide business installment loans to small and medium-sized (“SMB”) businesses. FinWise will also provide Backd with access to its Credit Enhanced Balance Sheet program, which benefits strategic programs through capital efficiency, allows them to diversify their sources of funding and extends the reach of their warehouse facilities.

    “Backd continues to make strides in its mission to empower SMBs across the U.S. to achieve their greatest potential through fast and easy financing solutions. This lending and Credit Enhanced Balance Sheet partnership with FinWise gives us an opportunity to continue to scale and grow our business while ensuring deep regulatory expertise and guidance,” said Xan Myburgh, Backd’s CEO & Co-Founder. “We have proven success in multiple sectors including healthcare and e-commerce and believe we have a substantial runway for growth as the SMB population makes up nearly 44% of overall GDP and approximately $734 billion of the digital lending and credit market.”

    Robert Keil, EVP and Chief Fintech Officer of FinWise commented, “We are thrilled that Backd chose FinWise to augment their thriving business by using both our Strategic Lending and Credit Enhanced Balance Sheet programs. The trust that they have placed in us is a testament to the strength of the FinWise multi-product offering and the innovative lending products that we deliver to our strategic partners.”

    About Backd
    Backd was founded to support relentless entrepreneurs—the true “men and women in the arena”—who build, innovate, and push their businesses forward. Backd provides fast, flexible financing to help business owners overcome critical financial challenges.

    Backd believes courage, resilience, and ambition drive success. When financial resources make the difference between opportunity and setback, Backd bridges the gap with tailored funding solutions, keeping businesses moving forward.

    Rooted in respect and partnership, Backd understands the challenges entrepreneurs face. With transparency, integrity, and a commitment to growth, obstacles are tackled head-on. As risks are taken and perseverance is tested in the arena, Backd stands beside business owners at every vital step.
    https://www.backd.com/

    About FinWise

    FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face securing warehouse facilities and managing capital requirements. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. The Company is also expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

    https://www.finwise.bank/

    Contacts

    investors@finwisebank.com
    media@finwisebank.com
    info@backd.com
    marketing@backd.com

    The MIL Network –

  • MIL-OSI: Archrock Announces Timing for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE:AROC) (“Archrock”) will host a conference call on Tuesday, May 6, 2025, to discuss its first quarter 2025 financial and operating results. The call will begin at 10:30 a.m. Eastern Time. Archrock will release its first quarter 2025 earnings report prior to the conference call.

    To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States, or 1 (646) 307-1963 for international calls. The access code is 4749623. A replay of the webcast will be available for 90 days on Archrock’s website shortly after the call.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA™, visit www.archrock.com.

    SOURCE: Archrock, Inc.

    For information, contact:

    Megan Repine
    Vice President, Investor Relations
    (281) 836-8360
    investor.relations@archrock.com

    The MIL Network –

  • MIL-OSI: Northeast Bank Reports Third Quarter Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million, or $2.23 per diluted common share, for the quarter ended March 31, 2025, compared to net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025 was $58.2 million, or $7.07 per diluted common share, compared to $43.1 million, or $5.67 per diluted common share, for the nine months ended March 31, 2024.

    The Board of Directors declared a cash dividend of $0.01 per share, payable on May 27, 2025, to shareholders of record as of May 13, 2025.

    “We recorded strong loan volume during the third fiscal quarter,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division generated $292.5 million in originated and purchased volume, and our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow, with quarterly originations of $121.3 million, compared to $100.3 million for the quarter ended December 31, 2024 and $29.0 million for the quarter ended March 31, 2024. At March 31, 2025, the loan portfolio, including loans held for sale, totaled $3.80 billion, representing an increase of $1.04 billion, or 37.7%, over June 30, 2024. During the quarter ended March 31, 2025, we sold $73.6 million of the guaranteed portion of our SBA loans, generating a gain on sale of $6.0 million, compared with sales of $64.5 million for a gain on sale of $5.6 million in the quarter ended December 31, 2024. For the quarter, we are reporting earnings of $2.23 per diluted common share, a return on average equity of 16.5%, and a return on average assets of 1.9%.”

    As of March 31, 2025, total assets were $4.23 billion, an increase of $1.10 billion, or 35.0%, from total assets of $3.13 billion as of June 30, 2024.

    1.   The following table highlights the changes in the loan portfolio, including loans held for sale, for the nine months ended March 31, 2025:

       
      Loan Portfolio Changes
      March 31, 2025 Balance   June 30, 2024 Balance   Change ($)   Change (%)
      (Dollars in thousands)
    National Lending Purchased $ 2,443,822     $ 1,708,551     $ 735,271       43.03 %
    National Lending Originated   1,185,153       981,497       203,656       20.75 %
    SBA National   152,319       48,405       103,914       214.68 %
    Community Banking   19,495       22,704       (3,209 )     (14.13 %)
    Total $ 3,800,789     $ 2,761,157     $ 1,039,632       37.65 %
                                   

    Loans generated by the Bank’s National Lending Division for the quarter ended March 31, 2025 totaled $292.5 million, which consisted of $74.5 million of purchased loans at an average price of 94.2% of unpaid principal balance, and $218.0 million of originated loans. Loans generated by the Bank’s SBA Division for the quarter ended March 31, 2025 totaled $121.3 million.

    An overview of the Bank’s National Lending Division portfolio follows:

      National Lending Portfolio
      Three Months Ended March 31,
      2025   2024
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 79,144     $ 217,983     $ 297,127     $ –     $ 153,349     $ 153,349  
    Initial net investment basis (1)   74,553       217,983       292,536       –       153,349       153,349  
                                       
    Loan returns during the period:                                  
    Yield   8.33%       8.73%       8.46%       8.67%       10.09%       9.19%  
    Total Return on Purchased Loans (2)   8.43%       N/A       8.43%       8.70%       N/A       8.70%  
                                       
      Nine Months Ended March 31,
      2025   2024
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 901,693     $ 591,292     $ 1,492,985     $ 271,741     $ 284,876     $ 556,617  
    Initial net investment basis (1)   821,485       591,292       1,412,777       238,477       284,876       523,353  
                                       
    Loan returns during the period:                                  
    Yield   8.65%       9.02%       8.77%       8.95%       9.97%       9.34%  
    Total Return on Purchased Loans (2)   8.70%       N/A       8.70%       8.98%       N/A       8.98%  
                                       
    Total loans as of period end:                                  
    Unpaid principal balance $ 2,638,438     $ 1,185,153     $ 3,823,591     $ 1,794,669     $ 975,876     $ 2,770,545  
    Net investment basis   2,443,822       1,185,153       3,628,975       1,620,409       975,876       2,596,285  
                                       
    (1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
    (2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”
     

    2.   Deposits increased by $956.3 million, or 40.9%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $943.5 million, or 72.2%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $818.8 million, and Community Banking Division time deposits, which increased by $105.3 million compared to June 30, 2024.

    3.   Federal Home Loan Bank (“FHLB”) advances increased by $33.4 million, or 9.7%, from June 30, 2024. The increase was attributable to one new short-term borrowing, partially offset by net paydowns on amortizing advances.

    4.   Shareholders’ equity increased by $90.9 million, or 24.1%, from June 30, 2024, primarily due to net income of $58.2 million and $31.3 million of net proceeds on shares issued in connection with the Bank’s at-the-market (“ATM”) program.

    Net income increased by $4.8 million to $18.7 million for the quarter ended March 31, 2025, compared to net income of $13.9 million for the quarter ended March 31, 2024.

    1.   Net interest and dividend income before provision for credit losses increased by $9.5 million to $46.0 million for the quarter ended March 31, 2025, compared to $36.5 million for the quarter ended March 31, 2024. The increase was primarily due to the following:

    • An increase in interest income earned on loans of $15.8 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios, partially offset by lower rates earned across the portfolio; and
    • An increase in interest income earned on short-term investments of $965 thousand, due to higher average balances, partially offset by lower rates earned; partially offset by,
    • An increase in deposit interest expense of $7.3 million, primarily due to higher average balances, partially offset by lower rates on interest-bearing deposits.

    The following table summarizes interest income and related yields recognized on the loan portfolios:

       
      Interest Income and Yield on Loans
      Three Months Ended March 31,
      2025   2024
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 20,074     $ 349     7.05 %   $ 24,640     $ 387     6.32 %
    SBA National   121,521       2,975     9.93 %     35,848       1,159     13.00 %
    National Lending:                                      
    Originated   1,120,756       24,120     8.73 %     953,401       23,909     10.09 %
    Purchased   2,387,715       49,034     8.33 %     1,635,494       35,260     8.67 %
    Total National Lending   3,508,471       73,154     8.46 %     2,588,895       59,169     9.19 %
    Total $ 3,650,066     $ 76,478     8.50 %   $ 2,649,383     $ 60,715     9.22 %
       
      Nine Months Ended March 31,
      2025   2024
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 21,330     $ 1,088     6.79 %   $ 25,786     $ 1,242     6.41 %
    SBA National   91,481       8,145     11.86 %     30,125       2,833     12.52 %
    National Lending:                                      
    Originated   1,052,656       71,297     9.02 %     951,129       71,284     9.97 %
    Purchased   2,183,068       141,831     8.65 %     1,558,362       104,780     8.95 %
    Total National Lending   3,235,724       213,128     8.77 %     2,509,491       176,064     9.34 %
    Total $ 3,348,535     $ 222,361     8.85 %   $ 2,565,402     $ 180,139     9.35 %
                                               
    (1)   Includes loans held for sale.
     

    The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended March 31, 2024, transactional income increased by $113 thousand for the quarter ended March 31, 2025, and regularly scheduled interest and accretion increased by $14.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended March 31, 2025 was 8.4%, a decrease from 8.7% for the quarter ended March 31, 2024. The following table details the total return on purchased loans:

       
      Total Return on Purchased Loans
      Three Months Ended March 31,
      2025   2024
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 48,149     8.18 %   $ 34,045     8.37 %
    Transactional income:                      
    Release of allowance for credit losses on purchased loans   573     0.10 %     130     0.03 %
    Accelerated accretion and loan fees   885     0.15 %     1,215     0.30 %
    Total transactional income   1,458     0.25 %     1,345     0.33 %
    Total $ 49,607     8.43 %   $ 35,390     8.70 %
       
      Nine Months Ended March 31,
      2025   2024
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 136,055     8.30 %   $ 98,505   8.41 %
    Transactional income:                    
    Release of allowance for credit losses on purchased loans   734     0.05 %     356   0.03 %
    Accelerated accretion and loan fees   5,775     0.35 %     6,275   0.54 %
    Total transactional income   6,509     0.40 %     6,631   0.57 %
    Total $ 142,564     8.70 %   $ 105,136   8.98 %
                             
    (1)   The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.
     

    2.   Provision for credit losses increased by $2.3 million to $2.9 million for the quarter ended March 31, 2025, compared to $596 thousand in the quarter ended March 31, 2024. The increase was primarily related to loan growth and increased reserves on the unguaranteed portion of the SBA portfolio.

    3.   Noninterest income increased by $5.1 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in gain on sale of SBA loans of $5.0 million, due to the sale of $73.6 million in SBA loans during the quarter ended March 31, 2025 as compared to the sale of $18.9 million during the quarter ended March 31, 2024.

    4.   Noninterest expense increased by $3.7 million for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, primarily due to the following:

    • An increase in salaries and employee benefits expense of $1.7 million, primarily due to increases in regular, stock compensation expense and incentive compensation expense;
    • An increase in loan expense of $1.5 million primarily related to increased expenses in connection with the origination of SBA 7(a) loans; and
    • An increase in Federal Deposit Insurance Corporation (the “FDIC”) insurance expense of $195 thousand, due to the growth of the Bank’s asset size and an increased assessment rate.

    5.   Income tax expense increased by $3.7 million to $10.8 million, or an effective tax rate of 36.7%, for the quarter ended March 31, 2025, compared to $7.2 million, or an effective tax rate of 34.1%, for the quarter ended March 31, 2024. The increase in effective tax rate is primarily due to projected changes in income apportionment for state taxes and increased projections of the required write-down of the Bank’s deferred tax asset as a result of a change in Massachusetts income tax law.

    As of March 31, 2025, nonperforming assets totaled $33.4 million, or 0.79% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024.

    As of March 31, 2025, past due loans totaled $34.0 million, or 0.91% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

    As of March 31, 2025, the Bank’s Tier 1 leverage capital ratio was 11.5%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 14.0% at March 31, 2025, compared to 14.8% at June 30, 2024. Capital ratios decreased primarily due to the increase in risk-weighted assets and average assets from significant loan growth during the nine months ended March 31, 2025, partially offset by increased retained earnings and additional capital raised under the Bank’s ATM program.

    Investor Call Information
    Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer of Northeast Bank, will host a conference call to discuss third quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, April 30th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

    About Northeast Bank
    Northeast Bank (NASDAQ: NBN) is a bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

    Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Forward-Looking Statements
    Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the FDIC, in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in legislation and regulation under the new U.S. presidential administration; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended June 30, 2024 as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

    NBN-F

     
    NORTHEAST BANK
    BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      March 31, 2025   June 30, 2024
    Assets            
    Cash and due from banks $ 2,443     $ 2,711  
    Short-term investments   341,633       239,447  
    Total cash and cash equivalents   344,076       242,158  
                 
                 
    Available-for-sale debt securities, at fair value   21,473       48,978  
    Equity securities, at fair value   7,314       7,013  
    Total investment securities   28,787       55,991  
                 
    SBA loans held for sale   60,339       14,506  
                 
    Loans:            
    Commercial real estate   2,764,809       2,028,280  
    Commercial and industrial   852,985       618,846  
    Residential real estate   122,466       99,234  
    Consumer   190       291  
    Total loans   3,740,450       2,746,651  
    Less: Allowance for credit losses   46,024       26,709  
    Loans, net   3,694,426       2,719,942  
                 
                 
    Premises and equipment, net   25,338       27,144  
    Real estate owned and other possessed collateral, net   1,200       –  
    Federal Home Loan Bank stock, at cost   16,106       15,751  
    Loan servicing rights, net   810       984  
    Bank-owned life insurance   19,203       18,830  
    Accrued interest receivable   17,445       15,163  
    Other assets   20,772       21,734  
    Total assets $ 4,228,502     $ 3,132,203  
                 
    Liabilities and Shareholders’ Equity            
    Deposits:            
    Demand $ 154,540     $ 146,727  
    Savings and interest checking   796,762       732,029  
    Money market   94,837       154,504  
    Time   2,249,654       1,306,203  
    Total deposits   3,295,793       2,339,463  
                 
    Federal Home Loan Bank and other advances   378,543       345,190  
    Lease liability   19,465       20,252  
    Other liabilities   67,185       50,664  
    Total liabilities   3,760,986       2,755,569  
                 
    Commitments and contingencies   –       –  
                 
                 
    Shareholders’ equity            
    Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares          
    issued and outstanding at March 31, 2025 and June 30, 2024   –       –  
    Voting common stock, $1.00 par value, 25,000,000 shares authorized;            
    8,525,362 and 8,127,690 shares issued and outstanding at          
    March 31, 2025 and June 30, 2024, respectively   8,525       8,128  
    Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;            
    No shares issued and outstanding at March 31, 2025 and June 30, 2024 –     –  
    Additional paid-in capital   97,078       64,762  
    Retained earnings   361,901       303,927  
    Accumulated other comprehensive income (loss)   12       (183 )
    Total shareholders’ equity   467,516       376,634  
    Total liabilities and shareholders’ equity $ 4,228,502     $ 3,132,203  
                   
     
    NORTHEAST BANK
    STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      Three Months Ended March 31,   Nine Months Ended March 31,
      2025   2024   2025   2024
    Interest and dividend income:                          
    Interest and fees on loans $ 76,478     $ 60,715     $ 222,361     $ 180,139  
    Interest on available-for-sale securities   352       596       1,383       1,639  
    Other interest and dividend income   3,996       3,179       12,104       9,541  
    Total interest and dividend income   80,826       64,490       235,848       191,319  
                               
    Interest expense:                          
    Deposits   30,593       23,340       89,959       63,772  
    Federal Home Loan Bank advances   4,057       4,401       11,754       16,247  
    Obligation under capital lease agreements   225       237       691       664  
    Total interest expense   34,875       27,978       102,404       80,683  
    Net interest and dividend income before provision for credit losses   45,951       36,512       133,444       110,636  
    Provision for credit losses   2,908       596       5,275       1,221  
    Net interest and dividend income after provision for credit losses   43,043       35,916       128,169       109,415  
                               
    Noninterest income:                          
    Fees for other services to customers   362       320       1,197       1,218  
    Gain on sales of SBA loans   6,014       1,015       14,915       1,837  
    Net unrealized gain (loss) on equity securities   79       (55 )     106       17  
    Loss on real estate owned, other repossessed collateral and premises and equipment, net   –       –       –       (9 )
    Bank-owned life insurance income   124       116       372       348  
    Correspondent fee income   16       40       69       183  
    Other noninterest income   24       106       28       194  
    Total noninterest income   6,619       1,542       16,687       3,788  
                               
    Noninterest expense:                          
    Salaries and employee benefits   12,477       10,784       34,947       30,409  
    Occupancy and equipment expense   1,275       1,072       3,456       3,277  
    Professional fees   669       503       1,985       1,784  
    Data processing fees   1,496       1,376       4,605       3,823  
    Marketing expense   89       256       318       738  
    Loan acquisition and collection expense   2,270       813       5,626       2,402  
    FDIC insurance expense   468       273       1,756       917  
    Other noninterest expense   1,399       1,352       4,203       4,138  
    Total noninterest expense   20,143       16,429       56,896       47,488  
    Income before income tax expense   29,519       21,029       87,960       65,715  
    Income tax expense   10,838       7,164       29,734       22,624  
    Net income $ 18,681     $ 13,865     $ 58,226     $ 43,091  
                               
                               
    Weighted-average shares outstanding:                          
    Basic   8,216,746       7,509,320       8,047,775       7,510,065  
    Diluted   8,394,964       7,595,124       8,232,435       7,602,844  
                               
    Earnings per common share:                          
    Basic $ 2.27     $ 1.85     $ 7.24     $ 5.74  
    Diluted   2.23       1.83       7.07       5.67  
                                   
    Cash dividends declared per common share $ 0.01     $ 0.01     $ 0.03     $ 0.03  
                                   
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Three Months Ended March 31,
      2025   2024
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                                          
    Interest-earning assets:                                      
    Investment securities $ 32,963     $ 352     4.33 %   $ 60,211     $ 596     3.98 %
    Loans (1) (2) (3)   3,650,066       76,478     8.50 %     2,649,383       60,715     9.22 %
    Federal Home Loan Bank stock   16,657       301     7.33 %     17,636       449     10.24 %
    Short-term investments (4)   336,877       3,695     4.45 %     204,869       2,730     5.36 %
    Total interest-earning assets   4,036,563       80,826     8.12 %     2,932,099       64,490     8.85 %
    Cash and due from banks   2,332                   2,446              
    Other non-interest earning assets   39,847                   50,227              
    Total assets $ 4,078,742                 $ 2,984,772              
                                           
    Liabilities & Shareholders’ Equity:                                      
    Interest-bearing liabilities:                                      
    NOW accounts $ 566,932     $ 5,190     3.71 %   $ 524,301     $ 5,767     4.42 %
    Money market accounts   116,647       754     2.62 %     190,379       1,619     3.42 %
    Savings accounts   198,094       1,365     2.79 %     140,737       1,126     3.22 %
    Time deposits   2,129,320       23,284     4.43 %     1,185,558       14,828     5.03 %
    Total interest-bearing deposits   3,010,993       30,593     4.12 %     2,040,975       23,340     4.60 %
    Federal Home Loan Bank advances   372,029       4,057     4.42 %     396,130       4,401     4.47 %
    Lease liability   19,340       225     4.72 %     20,981       237     4.54 %
    Total interest-bearing liabilities   3,402,362       34,875     4.16 %     2,458,086       27,978     4.58 %
                                           
    Non-interest bearing liabilities:                                      
    Demand deposits and escrow accounts   183,348                   163,042              
    Other liabilities   33,025                   24,571              
    Total liabilities   3,618,735                   2,645,699              
    Shareholders’ equity   460,007                   339,073              
    Total liabilities and shareholders’ equity $ 4,078,742                 $ 2,984,772              
                                           
    Net interest income         $ 45,951                 $ 36,512      
                                           
    Interest rate spread                 3.96 %                   4.27 %
    Net interest margin (5)                 4.62 %                   5.01 %
                                           
    Cost of funds (6)                 3.94 %                   4.29 %
                                           
    (1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2) Includes loans held for sale.
    (3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Nine Months Ended March 31,
      2025   2024
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                                      
    Interest-earning assets:                                      
    Investment securities $ 42,865     $ 1,383     4.30 %   $ 60,060     $ 1,639     3.63 %
    Loans (1) (2) (3)   3,348,535       222,361     8.85 %     2,565,402       180,139     9.35 %
    Federal Home Loan Bank stock   16,190       977     8.04 %     20,415       1,331     8.68 %
    Short-term investments (4)   302,262       11,127     4.90 %     204,252       8,210     5.35 %
    Total interest-earning assets   3,709,852       235,848     8.47 %     2,850,129       191,319     8.93 %
    Cash and due from banks   2,219                   2,482              
    Other non-interest earning assets   55,078                   58,609              
    Total assets $ 3,767,149                 $ 2,911,220              
                                           
    Liabilities & Shareholders’ Equity:                                      
    Interest-bearing liabilities:                                      
    NOW accounts $ 570,906     $ 17,014     3.97 %   $ 507,594     $ 16,548     4.34 %
    Money market accounts   131,481       2,972     3.01 %     226,072       5,760     3.39 %
    Savings accounts   188,053       4,575     3.24 %     118,044       2,603     2.93 %
    Time deposits   1,864,771       65,398     4.67 %     1,061,399       38,861     4.87 %
    Total interest-bearing deposits   2,755,211       89,959     4.35 %     1,913,109       63,772     4.44 %
    Federal Home Loan Bank advances   357,020       11,754     4.39 %     463,065       16,247     4.67 %
    Lease liability   19,655       691     4.68 %     21,373       664     4.13 %
    Total interest-bearing liabilities   3,131,886       102,404     4.36 %     2,397,547       80,683     4.48 %
                                           
    Non-interest bearing liabilities:                                      
    Demand deposits and escrow accounts   182,877                   166,955              
    Other liabilities   29,877                   24,388              
    Total liabilities   3,344,640                   2,588,890              
    Shareholders’ equity   422,509                   322,330              
    Total liabilities and shareholders’ equity $ 3,767,149                 $ 2,911,220              
                                           
    Net interest income         $ 133,444                 $ 110,636      
                                           
    Interest rate spread                 4.11 %                   4.45 %
    Net interest margin (5)                 4.79 %                   5.17 %
                                           
    Cost of funds (6)                 4.12 %                   4.19 %
                                           
    (1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2) Includes loans held for sale.
    (3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
     
    NORTHEAST BANK
    SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      Three Months Ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Net interest income $ 45,951     $ 48,490     $ 39,000     $ 37,935     $ 36,512  
    Provision for credit losses   2,908       1,944       422       547       596  
    Noninterest income   6,619       5,949       4,119       2,092       1,542  
    Noninterest expense   20,143       19,066       17,685       17,079       16,429  
    Net income   18,681       22,440       17,106       15,140       13,865  
                       
    Weighted-average common shares outstanding:                  
    Basic   8,216,746       8,044,345       7,886,148       7,765,868       7,509,320  
    Diluted   8,394,964       8,197,568       8,108,688       7,910,692       7,595,124  
    Earnings per common share:                  
    Basic $ 2.27     $ 2.79     $ 2.17     $ 1.95     $ 1.85  
    Diluted   2.23       2.74       2.11       1.91       1.83  
                       
    Dividends declared per common share $ 0.01     $ 0.01     $ 0.01     $ 0.01     $ 0.01  
                       
    Return on average assets   1.86%       2.24%       2.09%       1.99%       1.87%  
    Return on average equity   16.47%       21.14%       17.53%       16.56%       16.45%  
    Net interest rate spread (1)   3.96%       4.21%       4.18%       4.41%       4.27%  
    Net interest margin (2)   4.62%       4.88%       4.90%       5.13%       5.01%  
    Efficiency ratio (non-GAAP) (3)   38.32%       35.02%       41.01%       42.67%       43.17%  
    Noninterest expense to average total assets   2.00%       1.90%       2.16%       2.24%       2.21%  
    Average interest-earning assets to average interest-bearing liabilities   118.64%       118.24%       118.48%       118.78%       119.28%  
                       
      As of:
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Nonperforming loans:                  
    Originated portfolio:                  
    Residential real estate $ 2,407     $ 2,446     $ 3,976     $ 2,502     $ 2,573  
    Commercial real estate   3,197       3,662       4,682       1,407       2,075  
    Commercial and industrial   6,945       6,696       6,684       6,520       6,928  
    Consumer   3       5       –       –       –  
    Total originated portfolio   12,552       12,809       15,342       10,429       11,576  
    Total purchased portfolio   19,680       17,257       21,830       17,832       16,370  
    Total nonperforming loans   32,232       30,066       37,172       28,261       27,946  
    Real estate owned and other repossessed collateral, net   1,200       1,200       –       –       –  
    Total nonperforming assets $ 33,432     $ 31,266     $ 37,172     $ 28,261     $ 27,946  
                       
    Past due loans to total loans   0.91%       0.85%       0.89%       0.95%       1.13%  
    Nonperforming loans to total loans   0.86%       0.84%       1.06%       1.02%       1.05%  
    Nonperforming assets to total assets   0.79%       0.77%       0.94%       0.90%       0.93%  
    Allowance for credit losses to total loans   1.23%       1.25%       1.25%       0.97%       0.98%  
    Allowance for credit losses to nonperforming loans   142.79%       148.92%       117.40%       94.51%       92.83%  
    Net charge-offs (recoveries) $ 2,082     $ 869     $ 1,604     $ 1,347     $ 2,225  
    Commercial real estate loans to total capital (4)   521.47%       542.12%       604.38%       482.13%       509.08%  
    Net loans to deposits   112.10%       112.52%       110.70%       116.88%       118.15%  
    Purchased loans to total loans   65.33%       66.63%       69.11%       61.88%       60.99%  
    Equity to total assets   11.06%       10.88%       9.96%       12.02%       11.73%  
    Common equity tier 1 capital ratio   12.72%       12.66%       11.45%       13.84%       13.24%  
    Total risk-based capital ratio   13.97%       13.91%       12.70%       14.82%       14.22%  
    Tier 1 leverage capital ratio   11.45%       11.16%       12.06%       12.30%       11.79%  
                       
    Total shareholders’ equity $ 467,516     $ 444,101     $ 392,557     $ 376,634     $ 351,913  
    Less: Preferred stock   –       –       –       –       –  
    Common shareholders’ equity   467,516       444,101       392,557       376,634       351,913  
    Less: Intangible assets (5)   –       –       –       –       –  
    Tangible common shareholders’ equity (non-GAAP) $ 467,516     $ 444,101     $ 392,557     $ 376,634     $ 351,913  
                       
    Common shares outstanding   8,525,362       8,492,856       8,212,026       8,127,690       7,977,690  
    Book value per common share $ 54.84     $ 52.29     $ 47.80     $ 46.34     $ 44.11  
    Tangible book value per share (non-GAAP) (6)   54.84       52.29       47.80       46.34       44.11  
                       
    (1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
    (2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
    (3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
    (4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
    (5) Includes the loan servicing rights asset.
    (6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.
     

    For More Information:
    Richard Cohen, Chief Financial Officer
    Northeast Bank, 27 Pearl Street, Portland, Maine 04101
    207.786.3245 ext. 3249
    www.northeastbank.com

    The MIL Network –

  • MIL-Evening Report: The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities

    Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne

    Scene from Apocalypse Now (1979) Prime Video

    The Vietnam War (1955–1975) was more than just a chapter in the Cold War.

    For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt to found a nation-state independent of both capitalist and communist influences.

    In the 50 years since the war ended, the stories we’ve heard about it have struggled to convey these many different views. Cinema – in Hollywood and in Vietnam – offers some insight into this struggle, which we continue to face today.

    A war by any other name

    The war is known by many names, and each one highlights the different objectives of the forces involved.

    For the United States, “The Vietnam War” was one battleground against the Soviet Union during the Cold War. To prevent communism from spreading, the US sent resources to establish the Republic of Vietnam (known informally as South Vietnam) as its proxy. It had already used this strategy with West Germany and South Korea.

    The Communist Party of Vietnam thought of US involvement as a form of colonialism.

    By calling the conflict “the sacred resistance against the US to salvage the country” (Cuộc Kháng Chiến Chống Mỹ, Cứu Nước), or “the American war” (Chiến Tranh Mỹ) for short, the communist party encouraged the perception of the war as a stepping stone towards Vietnam’s full independence following Chinese imperialism (circa 111 BCE–939 CE), French colonialism (1862–1954) and Japanese occupation (1940-45).

    The communist objective was to “liberate” South Vietnam from the US and its puppet administration, and reunify the country. This is why, in Vietnam, April 30 is called “Reunification Day” or “Independence Day”, to commemorate the communists’ victory in capturing Saigon.

    However, former citizens of South Vietnam call April 30 the “Day of National Mourning” (Ngày Quốc Hận), as it marks the Republic’s defeat and the beginning of decades of political persecution and refugee displacement. Although the South Vietnamese were pluralistic in their political beliefs, they were united in their anti-communism.

    For them, the conflict was “the Civil War” (Nội Chiến), fought between communists and anti-communists over the future of Vietnam. After the Republic fell, many grieved (and still do) the vision of what South Vietnam could have become.

    Apocalypse then

    While the US eventually lost control over South Vietnam, it continued to influence how Vietnam was thought of in the West through Hollywood.

    Francis Ford Coppola’s Apocalypse Now is loosely based on Joseph Conrad’s classic novel, Heart of Darkness.
    Shutterstock

    In the 1970-80s, Vietnam War films such as Francis Ford Coppola’s Apocalypse Now (1979), Stanley Kubrick’s Full Metal Jacket (1987) and Oliver Stone’s Platoon (1987) established these directors as household names.

    The films focus on US soldiers’ psyche and discontent with incompetent leadership, pushing the Vietnamese people and their struggles for independence into the background. They frame the war as something done to American society, rather than something the US orchestrated.

    This victimhood fostered what became known as “the Vietnam syndrome” – an unofficial condition in American mindset characterised by feelings of woundedness and a loss of trust in the capability of the US.

    In Vietnam, early communist-controlled cinema in the north depicted the Vietnamese as an oppressed people who must band together to defeat Western corruption. Wartime films such as Along the Same River (1959) and 17th Parallel, Days and Nights (1972) leaned into melodramatic love stories to allegorise the divided Vietnam as separated lovers who must be reunited.

    As directors in the north slowly gained some freedom from the communist party, films increasingly dealt with the war’s immense impact and questioned the party’s ability to bring about the classless society it had promised. The Girl on the River (1987) and Living in Fear (2005) are two good examples.

    Living in Fear (Sống trong sợ hãi) trailer.

    Meanwhile, filmmakers in the south were independents who occasionally collaborated with the state or military, as seen with the classic 1971 film Faceless Lover (also known as Warrior, Who Are You?).

    South Vietnamese people saw film as a medium to negotiate their fledgling national identity. For them, it was important to establish and safekeep an identity that was distinct from the “foreign ally” (the US) and the “domestic foe” (the communists).

    This is why films from the south often portrayed love triangles, where the hero must choose between the vessels of modern Vietnamese femininity and Western excess. Some examples include Afternoon Sun (1972) and Late Night’s Dew (1972).

    Apocalypse now

    New perspectives on the war are emerging as historically marginalised groups gain footing in Western media. And some of these challenge early portrayals.

    Spike Lee’s Da 5 Bloods (2020) was the first major production to show the war through Black American veterans’ eyes. Hollywood neglected to do this, despite the over-representation of Black soldiers in conscription, combat and casualties during wartime.

    Although Da 5 Bloods still fails to account for the Vietnamese’s fight for self-determination, it acknowledges Black Americans’ and the Vietnamese people’s mutual suffering under white supremacy.

    One independent feature from a son of refugees, Journey from the Fall (2006), conveys the resentment many exiled South Vietnamese people feel towards the communist party. It also explores the trauma of leaving Vietnam by boat and resettlement in the US.

    Most recently, the 2024 TV series The Sympathizer, adapted from Viet Thanh Nguyen’s novel, moved the needle by probing at complex issues such as wartime loyalty, complicity and authenticity.

    Communist narratives persist

    In Vietnam today, the scale of communist party-funded movies has grown immensely, with many films resembling Hollywood blockbusters. But the messages have become more conservative.

    Films such as The Scent of Burning Grass (2012) and The Legend Makers (2013) continue to support the communist party narrative by omitting South Vietnam’s anti-communist objective. They also undermine women’s contributions to the war efforts, whereas earlier films put women at the centre of community organisation.

    A new generation of filmmakers is challenging these narratives through collaboration with international production companies and distributors. Features such as Viet and Nam (2024) experiment with film form to show the true costs of war, including the widening wealth disparity in Vietnam, and the lengths many would go to close this gap.

    Viet and Nam trailer.

    Scarlette Nhi Do 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. The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities – https://theconversation.com/the-vietnam-war-ended-50-years-ago-today-yet-films-about-the-conflict-still-struggle-to-capture-its-complexities-253837

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Housing affordability is at the centre of this election, yet two major reforms seem all but off-limits

    Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer

    This federal election, both major parties have offered a “grab bag” of policy fixes for Australia’s stubborn housing affordability crisis. But there are still two big policy elephants in the room, which neither side wants to touch.

    The first is negative gearing. This can apply to business losses relating to any investment. But in the context of housing, it allows property investors to claim annual losses incurred renting out an investment property as deductions against their taxable income.

    Proponents argue this boosts the supply of rental housing by encouraging investment. Critics say it’s an unfair tax break that disproportionately benefits the wealthy while driving up house prices.

    This situation has been controversial for a long time. The Hawke government tried to implement major reforms in the 1980s but these were reversed soon afterwards.

    The second “elephant”, which some economists argue “put a rocket under” housing prices, is the 50% capital gains tax discount for assets held for longer than a year. This was introduced by the Howard government at the turn of the millennium.

    In 2019, the then Labor leader Bill Shorten learned the hard way what can happen when you bring negative gearing and capital gains tax reform to an election as part of a “big target” platform. Yet these tax concessions remain highly contentious.

    Whom do they benefit most? Are they behind the housing crisis? Is keeping them fair on the rest of us? We invited four experts to unpack this debate. Here are the elements they told us are most crucial:

    Digital Storytelling Team 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. Housing affordability is at the centre of this election, yet two major reforms seem all but off-limits – https://theconversation.com/housing-affordability-is-at-the-centre-of-this-election-yet-two-major-reforms-seem-all-but-off-limits-241262

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role

    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University

    Christie Cooper/Shutterstock

    In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and batteries. The Coalition wants more gas and coal now, and would build nuclear power later.

    So how might these two competing visions play out as Australia goes to the polls this Saturday?

    Research shows clear generational preferences when it comes to producing electricity. Younger Australians prefer renewables while older people favour coal and gas. The one exception is nuclear power, which is split much more on gender lines than age – 51% of Australian men support it, but just 26% of women.

    While many voters are focused squarely on the cost of living, energy prices feed directly into how much everything costs. Research has shown that as power prices rise, the more likely it is an incumbent government will be turfed out.

    Coal, renewables or nuclear?

    About half of young Australians (18–34) want the country powered by renewables by 2030, according to a 2023 survey of energy consumers. Only 13% of the youngest (18–24) group think there’s no need to change or that it’s impossible. But resistance increases directly with age. From retirement age and up, 29% favour a renewable grid by 2030 while 44% think there’s no need or that it’s impossible.

    On nuclear, the divide is less clear. The Coalition has promised to build Australia’s first nuclear reactors if elected, and Coalition leader Peter Dutton has claimed young people back nuclear. That’s based on a Newspoll survey showing almost two-thirds (65%) of Australians aged 18–34 supported nuclear power.

    But other polls give a quite different story: 46% support for nuclear by younger Australians in an Essential poll compared to 56% support by older Australians. A Savanta poll put young support at just 36%.

    There’s a gender component too. The demographic most opposed to nuclear are women over 55.

    Younger voters remain strongly committed to environmental goals – but they’re also wary of cost blowouts and electricity price rises. Some see nuclear as a zero emissions technology able to help with the clean energy transition.

    Older Australians are more likely to be sceptical of nuclear power. This is likely due to nuclear disasters such as Chernobyl as well as the prospect of nuclear war during the Cold War.

    It’s an open question how robust support for nuclear would be if the Coalition was elected and began the long, expensive process of construction. New findings by the National Climate Action Survey shows almost 40% of Australians would be “extremely concerned” if a nuclear power plant was built within 50 kilometres of their homes and another 16% “very concerned”.

    These energy preferences aren’t just found in Australia. In recent research my co-authors and I found a clear divide in Sweden: younger favour renewables and nuclear, older favour fossil fuels. Why the difference? Sweden already gets about 40% of its power from nuclear, while renewables now provide about 40% of Australia’s power.

    We found younger Swedes strongly favoured renewables – but also supported nuclear power, especially when electricity prices rose. That is because nuclear is perceived to stabilise the supply of electricity. They wanted clean energy, as long as it was reliable and affordable. Our study found older people were not necessarily pro-fossil fuels, but were more focused on keeping energy affordable – especially for businesses and industry.

    When electricity prices rose in Sweden, our survey respondents broadly became less concerned about climate change and more likely to be favourable to nuclear energy.

    In Australia, the cost of the clean energy transition has crept up. While solar and wind offer cheap power once built, there are hidden costs.

    If electricity prices keep rising, we should expect to see declining support for the clean energy transition.

    Overcoming the energy divide

    During Australia’s decade-long climate wars from roughly 2012 to 2022, climate change was heavily politicised and energy became a political football. Under a Coalition government in 2014, Australia became the first nation to abolish a carbon tax.

    Labor took office in 2022 pledging to end the climate wars and fast-track the clean energy transition. But the Coalition has opened up a new divide on energy by proposing nuclear power by the 2040s and more gas and coal in the meantime.

    This election, the cost of living is the single biggest issue for 25% of voters in the ABC’s Vote Compass poll. But climate change is still the main concern for about 8% of voters, energy for 4% and the environment 3.5%. Here, Coalition backing for fossil fuels and nuclear may attract some older and younger voters but repel others. Labor’s renewable transition may attract younger voters but lose older energy traditionalists.

    Energy preferences could play out through a cost of living lens. Parties pushing too hard on green policies this election risk alienating older voters concerned about rising costs. But going nuclear would be very expensive, and keeping old coal plants going isn’t cheap. Downplaying climate action or dismissing nuclear outright could alienate some younger Australians, who are climate-conscious and energy-savvy.

    Policymakers should resist framing energy as a zero-sum game. There is a path forward which can unite generations: coupling ambitious climate targets with pragmatic policies to protect consumers. Transitional supports such as energy rebates, time-of-use pricing or community-scale renewables and batteries can soften any economic impact while building public trust.

    Our research suggests electricity price rises can quickly erode support even for well-designed energy policies.

    As Australia navigates a complex and costly transition, keeping both younger and older generations on board may be the greatest political – and moral – challenge of all.

    Magnus Söderberg 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. Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role – https://theconversation.com/renewables-coal-or-nuclear-this-election-your-generations-energy-preference-may-play-a-surprising-role-253832

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies

    Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University

    Kate Cashin Photography

    According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where more than 50% of women of reproductive age live in larger bodies.

    Weight stigma can present as stereotyping, negative attitudes and discriminatory actions towards larger-bodied people.

    It occurs in other areas of health care and in society at large. But our research is focused on weight stigma in maternity care, which can cause significant harm for larger-bodied women and their babies.

    What does weight stigma look like in maternity care?

    Sometimes weight stigma is explicit, or on purpose. Explicit weight stigma includes health-care professionals having negative attitudes towards caring for larger-bodied pregnant women. This might present, for instance, when health professionals make negative comments about weight or accuse women of dishonesty when they discuss their dietary intake.

    Sometimes weight stigma is implicit, or unintentional. Implicit weight stigma includes maternity care providers avoiding physical touch or eye contact during consultations with larger-bodied women.

    Policies, guidelines and environments also contribute to weight stigma. Women in larger bodies frequently report feeling stigmatised and unable to access the type of maternity care they would prefer. Lack of availability of adequately fitting hospital clothing or delivery beds are other notable examples.

    In a review published last year, we looked at weight stigma from preconception to after birth. Our results showed larger-bodied women are sometimes automatically treated as high-risk and undergo extra monitoring of their pregnancy even when they have no other risk factors that require monitoring.

    This approach is problematic because it focuses on body size rather than health, placing responsibility on the woman and disregarding other complex determinants of health.

    Weight stigma is common in maternity care.

    How does this make women feel?

    Qualitative evidence shows women who experience weight stigma during their maternity care feel judged, devalued, shamed and less worthy. They may feel guilty about getting pregnant and experience self-doubt.

    As one research participant explained:

    One doctor told me I was terrible for getting pregnant at my weight, that I was setting up my baby to fail […] I was in tears, and he told me I was being too sensitive.

    A 2023 Australian paper written by women who had experienced weight stigma in maternity care recounted their care as hyper-focused on weight and dehumanising, robbing them of the joy of pregnancy.

    According to one woman, “there was no compassion or conversation, just blame”.

    Beyond making women feel humiliated and disrespected, weight stigma in maternity care can affect mental health. For example, weight stigma is linked to increased risk of depressive symptoms and stress, disordered eating behaviours and emotional eating.

    One of the key reasons why weight stigma is so damaging to pregnant women’s health is because it’s closely linked to body image concerns.

    Society unfairly holds larger-bodied women up to unrealistic ideals around their body shape and size, their suitability to be a mother, and the control they have over their weight gain.

    Self stigma occurs when women apply society’s stigmatising narrative – from people in the community, the media, peers, family members and health-care providers – to themselves.

    Larger-bodied pregnant women can face stigma from health-care professionals and society at large.
    antoniodiaz/Shutterstock

    Impacts on mum and baby

    Several adverse pregnancy and birth outcomes have been linked to weight stigma in maternity care. These include gestational diabetes, caesarean birth and lower uptake of breastfeeding.

    While we know these things can also be linked to higher body weight, emerging evidence shows weight stigma may have a stronger link with some outcomes than body mass index.

    There are a variety of possible reasons for these links. For example, weight stigma may result in delayed access to and engagement with health-care services, and, as shown above, poorer mental health and reduced confidence. This may mean a woman is less likely to initiate and seek help with breastfeeding, for example.

    Experiencing weight stigma also leads to a stress response in the body, which could affect a woman’s health during pregnancy.

    In turn, the adverse effects of weight stigma can also affect the baby’s health. For example, gestational diabetes has a range of potential negative outcomes including a higher likelihood of premature birth, difficulties during birth, and an increased risk of the child developing type 2 diabetes.

    But the burden and blame should not fall on women. Pregnant and postpartum women should not have to accept experiences of weight stigma in health care.

    Weight stigma in maternity care has been linked to a higher likelihood of caesarean birth.
    photosoria/Shutterstock

    What can we do about it?

    While it’s essential to address weight stigma as a societal issue, health services can play a key role in undoing the narrative of blame and shame and making maternity care more equitable for larger-bodied women.

    Addressing weight stigma in maternity care can start with teaching midwives and obstetricians about weight stigma – what it is, where it happens, and how it can be minimised in practice.

    We worked with women who had experienced weight stigma in maternity care and midwives to co-design resources to meet this need. Both women and midwives wanted resources that could be easily integrated into practice, acted as consistent reminders to be size-friendly, and met midwives’ knowledge gaps.

    The resources included a short podcast about weight stigma in maternity care and images of healthy, larger-bodied pregnant women to demonstrate the most likely outcome is a healthy pregnancy. Midwives evaluated the resources positively and they are ready to be implemented into practice.

    There is a long road to ending weight stigma in maternity care, but working towards this goal will benefit countless mothers and their babies.

    Briony Hill receives funding from the Australian Research Council. Some research reported in this article was funded by the Australian Prevention Partnership Centre. The Australian Prevention Partnership Centre was supported through the NHMRC partnership centre grant scheme with the Australian Government Department of Health, ACT Health, Cancer Council Australia, NSW Ministry of Health, Wellbeing SA, Tasmanian Department of Health, and VicHealth. It is administered by the Sax Institute.

    Haimanot Hailu 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. ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies – https://theconversation.com/no-compassion-just-blame-how-weight-stigma-in-maternity-care-harms-larger-bodied-women-and-their-babies-252725

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: State of the states: the campaign is almost over, so how has it played out across Australia?

    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

    While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.

    So what’s happened across the country over the past five weeks?

    Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

    New South Wales

    David Clune, honorary associate, government and international relations, University of Sydney

    The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.

    The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.

    Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.

    Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.

    Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.

    Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.

    The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.

    As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.

    According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.

    An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.

    Queensland

    Paul Williams, associate professor of politics and journalism, Griffith University

    In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.

    But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.

    While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.

    While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).

    Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
    But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.

    However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.

    But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.

    Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.

    Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.

    In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.

    South Australia

    Rob Manwaring, associate professor of politics and public policy, Flinders University

    Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.

    What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.

    Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).

    This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.

    Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.

    In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.

    Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.

    So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.

    Tasmania

    Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

    On Australia’s South Island, most of the campaign focus has been on Lyons, Franklin and Braddon.

    In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.

    One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.

    Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.

    However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.

    According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.

    There have also been billboard shenanigans and various other dirty (or should that be clean?) tricks.

    The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?

    In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.

    Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.

    Victoria

    Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

    With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.

    Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.

    Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.

    There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.

    Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.

    Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.

    There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.

    Western Australia

    Narelle Miragliotta, associate professor in politics, Murdoch University

    The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.

    Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.

    Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.

    There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.

    The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.

    The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.

    To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.

    Paul Williams is a research associate with the T.J. Ryan Foundation.

    David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. State of the states: the campaign is almost over, so how has it played out across Australia? – https://theconversation.com/state-of-the-states-the-campaign-is-almost-over-so-how-has-it-played-out-across-australia-253125

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

    Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

    As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

    Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

    A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

    The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

    This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.


    How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

    Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

    In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

    Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

    When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

    “Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

    Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

    The long and the short

    In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

    JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

    Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

    In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

    Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

    Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

    Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

    The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

    The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

    If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

    Steve Dunne receives funding from the Equality and Human Rights Commission.

    – ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

    MIL OSI – Global Reports –

  • MIL-OSI Global: How the UK’s microchip industry is bouncing back after a quarter of a century

    Source: The Conversation – UK – By Peter Gammon, Professor of Power Electronic Devices, School of Engineering, University of Warwick

    A silicon carbide wafer, from which microchips are manufactured. Peter Gammon

    Silicon microchips underpin our modern lives. They are at the heart of our smartphones and laptops. They also play critical roles in electric vehicles and renewable energy technology.

    Today, more than three-quarters of microchips, also known as semiconductors, are produced in Asia. But in the 1990s, chip production was more widely distributed across the globe – and the UK punched above its weight.

    Scotland’s central belt – the area of highest population density, including Glasgow, Edinburgh and the towns surrounding them – became known as “Silicon Glen”, employing 50,000 people in the electronics industry at its peak.

    The region exported everything from PCs to Playstation chips. Multinational companies like NEC, Motorola and Texas Instruments operated major facilities there. In the 2000s, the dotcom crash triggered industry-wide consolidation and a shift to lower-cost manufacturing facilities in east Asia. The UK’s domestic capability was almost wiped out.

    But the UK semiconductor industry is quietly bouncing back. A new wave of companies is focusing on microchips designed for clean energy technology. These chips power electric vehicles and are vital for integrating renewable energy into the grid. They’re also widely used in data centres.

    Whereas most microchips are based on the element silicon, these new chips are made from “compound” semiconductors: silicon carbide (SiC) and gallium nitride (GaN).

    The chemical compounds SiC and GaN offer a range of attractive properties, including the ability to conduct an electrical current efficiently at high temperatures and to withstand electric fields more than nine times stronger than those silicon on its own can tolerate before breaking down.

    This allows SiC chips to be nine times thinner than equivalent silicon chips. This in turn results in lower resistance to electrical current in the devices they’re used in – translating to greater efficiency.

    If you know how hot a phone or laptop charger can get, you’ve experienced inefficient power conversion. This heat is the result of silicon chips switching thousands of times per second to transform one type of electrical current, known as AC, to another, called DC.

    In the case of chargers, 230 volts (V) in AC from the wall socket is transformed into the 19V in DC that a laptop battery needs – with some energy lost as heat. SiC and GaN devices switch faster than their silicon counterparts and dissipate less energy as waste heat.

    This makes them ideal for high-performance, compact and energy-efficient charging systems. GaN-based wall chargers are now becoming common and they’re smaller, lighter and more efficient.

    Chips used in electric car charging need to withstand high voltages.
    4045 / Shutterstock

    This efficiency boost is vital for electric vehicles too, in which a large power converter changes DC electricity coming from the batteries to AC electricity, as required by the electric motor. SiC-based power converters can reduce the energy lost by this converter by over 60%, a saving that means the car’s range can be extended by up to 5%.

    Producing SiC and GaN requires complex, expensive and energy-intensive manufacturing processes. It wasn’t until the 2010s that materials like these could be produced at the scale and cost needed for mass market adoption. Silicon carbide, for instance, must be grown under extreme temperatures and pressures over the course of a week, forming a small cylindrical crystal – or boule – often less than 5cm long.

    In contrast, to source silicon for chips, metre-long silicon ingots are pulled continuously from a vat of molten silicon, known as the melt. This fundamental difference drives the cost gap: SiC chips remain around three times more expensive than their silicon counterparts, posing a challenge for widespread adoption. Nevertheless, SiC chips remain vital for specific applications.

    New industry hubs

    In March 2024, US-based Vishay Intertechnology acquired Newport Wafer Fab – one of the UK’s last major semiconductor plants – for US$177 million (£132 million). In March 2025, it announced a further £250 million investment to expand production, modernise equipment and grow the workforce at the Welsh facility. Around 400 jobs were safeguarded.

    The focus in Newport will be on compound semiconductors, beginning with SiC chips destined for electric vehicles, data centres and industrial applications. At capacity, thousands of silicon carbide wafers, or discs, will be processed every month. It is from these wafers that the chips are cut. Measuring 200mm in diameter, each wafer will yield enough SiC chips to supply more than 15 electric vehicle power converters.

    Chip manufacturing has also returned to Silicon Glen. In Lochgelly, Fife, Clas-SiC Wafer Fab was founded in 2017 and it too produces SiC chips. The processing carried out at Lochgelly is similar to that at Vishay, except that Clas-SiC operates what’s known as a foundry model, producing devices to the designs of international customers. This model separates out the design and manufacturing aspects of the chip industry.

    Silicon carbide chips are also being used in data centres.
    VL-PhotoPro/Shutterstock

    Compound semiconductors also play a crucial role in national security. The UK Ministry of Defence recently made key investments in UK semiconductors. One of these aims to secure the domestic supply of gallium arsenide and gallium nitride chips, which are critical for radar systems and fighter jets.

    World-class research in UK universities is fundamental to success stories like these. More than a decade of coordinated public investment – particularly through the 2010s – helped build globally recognised academic expertise.

    At the University of Warwick, for example, our team leads national efforts to develop the next generation of SiC devices. We are focusing on ultra-high-voltage power devices for use in the trains and ships of the future, along with the grid and in radiation-hardened power electronics for space, with funding from the UK government’s semiconductor strategy.

    As the UK government looks to drive growth through clean energy and advanced
    manufacturing, its recent support for this sector via the UK semiconductor strategy has been significant. The forthcoming industrial strategy presents a clear opportunity to build on this momentum.

    The challenge ahead is to ensure that the next generation of compound microchip technologies – developed in UK universities and labs – can grow and scale up here in the UK, rather than abroad.

    Peter Gammon works as a Professor of Power Electronic Devices at the University of Warwick, and as the Founder of PGC Consultancy Ltd. At Warwick, he receives funding from UKRI, Horizon Europe and industrial partners. This work is supported via the Rewire Innovation and Knowledge Centre.

    – ref. How the UK’s microchip industry is bouncing back after a quarter of a century – https://theconversation.com/how-the-uks-microchip-industry-is-bouncing-back-after-a-quarter-of-a-century-253772

    MIL OSI – Global Reports –

  • MIL-OSI Russia: The government has approved the rules for selecting projects to be implemented with the help of treasury infrastructure loans

    Translation. Region: Russian Federal

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

    Document

    Resolution of April 28, 2025 No. 566

    The government continues to improve the mechanism for issuing infrastructure loans, which are used to modernize housing and utilities in the regions, as well as create transport, engineering, energy, tourism and other infrastructure facilities. Previously, such loans were financed directly from the budget, but now they will be issued using temporarily available funds from the single account of the federal budget. The procedure for selecting projects for the provision of such loans has been approved by the signed resolution.

    According to the document, the selection for the provision of treasury infrastructure loans will be carried out in four areas: projects in the housing and utilities sector, master plan activities for cities in the Far Eastern Federal District and the Arctic zone of Russia, projects selected as part of a competition, as well as projects implemented on the instructions of the President or the Chairman of the Government.

    Applications submitted by regions for project selection will undergo an initial review by the public-law company “Fund for Development of Territories” and then sent to the Ministry of Finance, the Ministry of Economic Development, the Ministry for the Development of the Russian Far East and the Ministry of Construction to prepare conclusions. The final decision on granting a loan will be made by the Presidium of the Government Commission for Regional Development.

    The total volume of treasury infrastructure loans planned to be provided to regions in 2025–2030 is 1 trillion rubles. The President instructed the Government to ensure the operation of this mechanism following the results of the Address to the Federal Assembly in 2024.

    In connection with the introduction of a new article into the Budget Code regulating the provision of treasury loans, the Cabinet of Ministers in February 2025 approved the rules for issuing treasury loans, according to which entities will be able to receive them for 15 years at 3% per annum.

    The use of this mechanism will allow the implementation of the activities of the new national project “Infrastructure for Life”.

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

    MIL OSI Russia News –

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    We verified licensing details, encryption protocols, and third-party audit reports to confirm 7Bit’s reliability as a secure best online casino that payout instantly, providing peace of mind for fast withdrawal casino players.

    Game Variety: Catering to Diverse Preferences

    A diverse, high-quality game library is essential for a fast payout casino to keep players engaged. 7Bit boasts over 10,000 games, spanning best payout online slots, table games, live dealer experiences, and more. From high-RTP slots like Starburst (96.09% RTP) to strategic table games like blackjack (0.5% house edge with optimal strategy), the platform caters to every taste.

    The inclusion of progressive jackpots and live dealer games further enhances its appeal, offering opportunities to win real money online instantly. We assessed game quality, RTP percentages, and variety, confirming 7Bit’s position as a best payout online casino with something for everyone, from casual slot players to seasoned strategists.

    Payment Options: Flexibility and Speed

    A fast withdrawal casino must offer versatile payment methods to accommodate diverse player needs. 7Bit likely supports a hybrid system, including 17+ cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Binance Coin) for instant cash out online casino transactions and fiat methods (Visa, MasterCard, Pay ID, Skrill, Neteller) for broader accessibility.

    Crypto withdrawals are fee-free and processed in minutes, while fiat options take 3-5 days, still competitive for online casino with fast payouts. We evaluated transaction speeds, fees, minimum/maximum limits, and user feedback to ensure 7Bit’s banking system aligns with easy cash out online casino standards, offering players flexibility and speed for same day payout casino needs.

    Bonuses and Promotions: Enhancing Value

    Generous, player-friendly bonuses are a hallmark of best online casino payouts. 7Bit’s 325% welcome bonus up to 5.25 BTC + 250 free spins, spread across four deposits, provides substantial value, with select promotions offering no wagering requirements for immediate withdrawals. Ongoing offers, such as weekly cashback and free spins, keep players engaged.

    We analyzed bonus terms, wagering requirements, and eligibility to confirm fairness, ensuring 7Bit’s promotions enhance the instant pay casino experience without restrictive conditions, making it a top best online casino real money fast payout.

    Customer Support: Reliable Assistance

    Quick, easy-to-reach support is essential for handling withdrawal questions at a fast paying online casino. 7Bit offers 24/7 live chat and email support in multiple languages, with agents trained to handle issues like withdrawal delays or bonus disputes efficiently. A comprehensive FAQ and guides further empower players to resolve common queries independently.

    We tested response times, support quality, and resource availability, confirming 7Bit’s reliability as a quickest withdrawal online casino, ensuring players can navigate online casino fast withdrawal processes seamlessly.

    User Experience: Seamless and Intuitive

    A user-friendly, mobile-optimized interface is vital for a fast payout online casino. 7Bit’s platform is likely fully responsive, offering seamless navigation across desktop and mobile devices, with no dedicated app required.

    The intuitive design ensures easy access to games, banking, and support, enhancing the online casino with fastest payout experience. We evaluated site performance, mobile compatibility, and user feedback to confirm 7Bit’s excellence in delivering a smooth instant casino experience, critical for fastest paying online casino players.

    Player Feedback and Reputation

    Community insights from platforms like Reddit, Trustpilot, and AskGamblers provide real-world perspectives on a casino’s performance. 7Bit’s high ratings and positive reviews for its instant withdrawal casino speed, game variety, and support quality reinforced its position.

    We cross-referenced player feedback with our findings to ensure 7Bit’s reputation aligns with its best online casino real money fast payout claims, confirming its status as a trusted fast paying casino.

    Responsible Gambling Measures

    A top fast paying casino must prioritize player well-being. 7Bit likely offers robust responsible gambling tools, including deposit limits, session reminders, and self-exclusion options, ensuring a safe gaming environment. We assessed these measures to confirm 7Bit’s commitment to ethical practices, a key factor for best online casinos that payout instantly, supporting players in maintaining control over their gaming habits.

    Innovation and Future-Readiness

    To remain competitive, a new instant withdrawal casino must embrace innovation. 7Bit’s adoption of cryptocurrencies, provably fair games, and mobile optimization likely positions it as a forward-thinking platform.

    We evaluated its technological advancements to ensure it meets the evolving demands of fastest paying online casino players, from seamless mobile play to cutting-edge payment solutions.

    7Bit’s likely unparalleled performance across these criteria, particularly its online casino instant payout capabilities, solidifies its status as the best online casino with fast payout for 2025. Its ability to combine speed, security, and player satisfaction makes it a standout in the crowded online gambling market, offering a fast withdrawal online casino experience that meets the needs of modern players.

    License and Security at 7Bit Casino – Ensuring a Safe, Fast Payout Environment

    Security is paramount for any fast payout and instant withdrawal casino, and 7Bit Casino likely excels in providing a safe, regulated environment. Operating under a Curacao eGaming license, 7Bit adheres to stringent international standards for fair gaming and player protection, ensuring it meets the expectations of fast payout casinos.

    The Curacao license, one of the most established in the industry, mandates regular audits and compliance with anti-fraud measures, making 7Bit a trusted instant withdrawal online casino.

    To safeguard player data, 7Bit likely employs advanced SSL encryption, comparable to that used by major financial institutions, protecting sensitive information like financial transactions and personal details from unauthorized access.

    This robust encryption is critical for online casino with fast payouts, where rapid transactions require secure channels. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify the fairness of game outcomes independently, a feature highly valued by instant cashout casino enthusiasts seeking transparency.

    Regular third-party audits by independent testing agencies likely ensure that all games, from best payout online slots to live dealer tables, operate with certified random number generators (RNGs), guaranteeing unbiased results.

    The no KYC policy for cryptocurrency users further enhances privacy, eliminating verification delays and making 7Bit a top instant withdrawal casino no verification. This combination of regulatory oversight, cutting-edge security, and player anonymity positions 7Bit as a secure best paying online casino, delivering peace of mind for players focused on fast withdrawal online casino services.

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    Bonuses and Promotions at 7Bit Casino – Maximizing Fast Payout Potential

    Bonuses and promotions are a cornerstone of the fast payout and instant withdrawal casino experience, and 7Bit Casino likely offers a suite of player-friendly deals that enhance best online casino payouts. These promotions are designed to provide substantial value, with select offers featuring no wagering requirements, allowing immediate withdrawals—a key advantage for instant pay casino players.

    Welcome Bonus Package: A Game-Changing Start

    New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, distributed across four deposits:

    • 1st Deposit: 100% up to 1.5 BTC + 100 free spins.
    • 2nd Deposit: 75% up to 1.25 BTC + 100 free spins (code: 2DEP).
    • 3rd Deposit: 50% up to 1.5 BTC.
    • 4th Deposit: 100% up to 1 BTC + 50 free spins.
      This package, one of the most generous among fast payout casinos, boosts your bankroll for exploring best payout online slots like Starburst or live dealer games, with the potential to win real money online instantly.

    Weekly Promotions: Ongoing Rewards

    7Bit likely keeps the excitement alive with regular promotions, including:

    • Monday Reload Bonus: 25% up to 6 mBTC + 50 free spins on Lucky Year 25.
    • Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars.
    • Friday Free Spins: 111 free spins for slot enthusiasts.
    • Weekend Offer: 99 free spins on 7Bit CasinoMillion.
    • Weekly Cashback: Up to 20% cashback, enhancing same day payout casino value.
      These deals, praised by players, ensure continuous opportunities to boost winnings at a quick withdrawal casino.

    Crypto and Telegram Bonuses: Exclusive Perks

    Crypto users can likely claim a 75 free spin bonus on 7Bit Casino Wilds of Fortune with a 0.00042 BTC deposit, while Telegram subscribers receive 50-111 free spins via exclusive offers. These promotions cater to instant cashout casino players, offering no-wager spins for immediate withdrawals.

    Special Event Promotions: Seasonal Extras

    Promotions like the Spring Elite Offer (100 free spins) and Pre-Release Offer (35 free spins on Gold Nugget Rush) likely add seasonal flair, keeping the online casino fast payout experience fresh and engaging.

    Drops & Wins Tournaments: Massive Prize Pools

    Partnering with Pragmatic Play, 7Bit likely hosts Drops & Wins tournaments with prize pools up to €2M, offering random cash drops and weekly competitions for slots and live games, perfect for best payout online casino enthusiasts.

    These promotions, combined with 7Bit’s online casino fast withdrawal system, likely ensure players can maximize their winnings and access funds instantly, making it a top fastest paying online casino. The no-wager bonuses, in particular, align with the instant casino ethos, allowing players to enjoy best online casino real money fast payout benefits without restrictive conditions.

    VIP Program at 7Bit Casino – Enhancing Fast Payout Benefits

    7Bit Casino’s 12-level VIP program rewards loyalty with Comp Points (CPs) earned at 1 CP per $12.5 wagered (Wisergamblers). Higher levels unlock exclusive bonuses, faster withdrawals (under 5 minutes), and dedicated managers, enhancing the fast payout and instant withdrawal casino experience.

    • Levels 1-3: 10-50 free spins on best online casino payouts slots.
    • Levels 4-6: $10-$50 cash bonuses, 30x wagering.
    • Levels 7-9: 10-15% cashback, priority online casino fast withdrawal.
    • Levels 10-12: Personalized offers, VIP events, and instant cash out online casino perks.

    Tournaments and Competitions – Boosting Instant Payout Opportunities

    7Bit hosts Daily Drop Tournaments (0.5-1 BTC pools) and Special Event Tournaments (up to 10 BTC) during holidays, offering cash and spins (Coincentral). Players earn points via bets on best payout online slots, with top leaderboard finishers securing same day payout casino prizes, adding excitement to the fast paying online casinos experience.

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    Casino Games at 7Bit Casino – Win Real Money Instantly with High Payouts

    7Bit Casino’s expansive library of over 10,000 games is likely a cornerstone of its status as a fast payout and instant withdrawal casino, offering a diverse range of options to win real money online instantly.

    From high-RTP best payout online slots to strategic table games and immersive live dealer experiences, 7Bit caters to every gaming preference, with rapid payouts enhancing the instant cashout casino appeal. Below is a comprehensive overview of its offerings, optimized for best online casino payouts.

    Slots: High RTPs for Frequent Wins

    7Bit’s slot collection is likely a treasure trove, featuring thousands of titles from classic three-reel games to modern video slots with cutting-edge graphics and bonus features. Popular picks include:

    • Starburst (96.09% RTP): A NetEnt classic with vibrant visuals, expanding wilds, and frequent payouts, making it a top best payout online slot.
    • Book of Dead (96.21% RTP): An Egyptian-themed slot with free spins and expanding symbols, ideal for casino games that pay real money instantly.
    • Gates of Olympus (96.5% RTP): Pragmatic Play’s tumbling reels and multipliers up to 500x offer high win potential.
    • Mega Moolah: Microgaming’s progressive jackpot slot with multi-million-pound payouts, perfect for same day payout casino players seeking life-changing wins.
      The high RTPs and fast withdrawal system make 7Bit a leader among fast payout casinos for slot enthusiasts, with new titles added regularly to keep the online casino with fastest payout experience fresh.

    Table Games: Strategic Play with Rapid Returns

    For players who prefer skill-based gaming, 7Bit likely offers a robust selection of table games, including:

    • Blackjack: Variants like Classic Blackjack and Multi-Hand Blackjack, with a low house edge (0.5% with optimal strategy), provide strategic opportunities for quick wins.
    • Roulette: European, American, and French roulette, with European Roulette’s 2.7% house edge offering better odds for fast withdrawal casino players.
    • Baccarat: Simple yet elegant, with low house edges for high rollers.
    • Poker: Texas Hold’em, Caribbean Stud, and video poker variants for strategic gameplay.
      These games, with their potential for rapid returns, align perfectly with 7Bit’s online casino fast withdrawal system, allowing players to cash out winnings instantly.

    Live Dealer Games: Immersive Thrills with Instant Payouts

    Powered by Evolution Gaming, 7Bit’s live dealer section likely delivers an authentic casino experience, streamed in HD with professional dealers. Key titles include:

    • Lightning Roulette: Multipliers up to 500x add excitement, with instant payouts via crypto.
    • Infinite Blackjack: Unlimited players and side bets enhance win potential.
    • Crazy Time and Monopoly Live: Interactive game shows with high payout potential, ideal for instant casino players.
      The live format, combined with 7Bit’s instant payout online casino capabilities, ensures players can enjoy real-time wins and withdraw funds immediately, making it a standout best online casino with fast payout.

    Specialty Games: Quick Wins for Casual Players

    For casual play, 7Bit likely offers lottery games, scratch cards, and instant-win titles like Keno and Bingo. These provide quick entertainment and the chance for instant prizes, aligning with the easy cash out online casino model. Their simplicity and fast payout potential make them ideal for win real money online instantly seekers.

    Progressive Jackpots: Life-Changing Payouts

    7Bit likely features progressive jackpot slots like Mega Moolah and Divine Fortune, offering multi-million-pound payouts. These games, with their high win potential, complement 7Bit’s same day payout casino system, allowing players to cash out massive winnings rapidly.

    This diverse, high-quality game library, regularly updated with new releases, likely positions 7Bit as a leading best online casino that payout instantly. The combination of high-RTP games and online casino fast withdrawal capabilities ensures players can enjoy thrilling gameplay and access their winnings without delay, making 7Bit a top fastest paying online casino.

    Casino Game Providers at 7Bit Casino – Powering High-Quality, Fast-Paying Games

    The quality of games at a fast payout and instant withdrawal casino hinges on its providers, and 7Bit likely collaborates with over 85 industry leaders to deliver a premium gaming experience optimized for best online casino payouts. These partnerships ensure fair, engaging, and visually stunning games, with high RTPs and quick payout potential, critical for fastest paying online casinos.

    NetEnt: Iconic Slots with High RTPs

    Renowned for titles like Starburst (96.09% RTP) and Gonzo’s Quest (95.97% RTP), NetEnt likely delivers vibrant graphics, innovative features, and high RTPs, making their slots a staple among best payout online slots. Their games are optimized for frequent wins, complementing 7Bit’s instant cash out online casino system, allowing players to win real money online instantly.

    Evolution Gaming: Live Dealer Excellence

    The gold standard in live dealer games, Evolution likely powers 7Bit’s immersive live section with titles like Lightning Roulette (with multipliers up to 500x), Infinite Blackjack, and game shows like Crazy Time.

    Pragmatic Play: Diverse Slots and Promotions

    Known for Gates of Olympus (96.5% RTP) and Wolf Gold (96.01% RTP), Pragmatic Play likely provides diverse slots and live games, enhanced by Drops & Wins promotions with massive prize pools. Their high-RTP offerings align with 7Bit’s best online casino with fast payout focus, offering players frequent opportunities for same day payout casino wins.

    Microgaming: Progressive Jackpot Pioneers

    Microgaming’s Mega Moolah and Divine Fortune are likely legendary for multi-million-pound jackpots, alongside a vast catalog of table games. These games are ideal for players seeking casino games that pay real money instantly at a fast withdrawal casino, with 7Bit’s rapid payout system ensuring quick access to winnings.

    Play’n GO: Mobile-Optimized High-RTP Slots

    Creators of Book of Dead (96.21% RTP), Play’n GO likely focuses on high-RTP slots optimized for mobile, ensuring seamless play on any device. Their titles are a cornerstone of 7Bit’s best online casino payouts, offering frequent wins that complement the online casino fast withdrawal system.

    Betsoft: Cinematic Slots and Table Games

    Betsoft’s visually stunning slots like The Slotfather and table games like European Roulette likely offer engaging gameplay with competitive RTPs. Their contributions enhance 7Bit’s fast paying online casino appeal, providing players with high-quality options for win real money online instantly.

    Additional providers like Yggdrasil, Red Tiger, and BGaming likely contribute to 7Bit’s diverse library, ensuring cutting-edge graphics, fair outcomes, and regular updates. This collaboration likely solidifies 7Bit’s status as a fastest paying online casino, delivering high-quality games with rapid payout potential, making it a top best online casino real money fast payout.

    Fast Payout and Instant Withdrawal Casino Banking at 7Bit Casino

    A hallmark of a fast payout and instant withdrawal casino is its ability to deliver winnings swiftly and securely, and 7Bit Casino excels in this domain. Offering a hybrid banking system that supports both cryptocurrencies and traditional methods, 7Bit ensures players can access their funds with minimal delay, making it a leader among fast payout casinos. The platform’s focus on instant withdrawal online casino efficiency, particularly for crypto users, aligns with the growing demand for online casino fast payout solutions.

    Cryptocurrencies: The Pinnacle of Fast Payout Casinos

    7Bit Casino supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), and Binance Coin (BNB), positioning it as a top instant pay casino. Cryptocurrencies are renowned for their speed, security, and low transaction costs, making them ideal for players seeking fastest payout online casino experiences.

    • Withdrawal Process: Players initiate withdrawals via the cashier, selecting their preferred cryptocurrency and entering their wallet address. Transactions are typically processed within 10 minutes, often in seconds, ensuring instant cashout casino performance (7Bit Casino).
    • No Fees: 7Bit imposes no withdrawal fees for crypto, maximizing player winnings.
    • Limits: Minimum withdrawals start at 0.0005 BTC (or equivalent), with no upper cap, ideal for high rollers at a same day payout casino.
    • Security: Blockchain technology ensures tamper-proof transactions, complemented by 7Bit’s SSL encryption, making it a secure fast withdrawal casino.

    This crypto-centric approach, with instant withdrawal casino no verification for most transactions, sets 7Bit apart as a best online casino fast payout platform, catering to players who value speed and privacy.

    Traditional Payment Methods for Flexibility

    For those preferring fiat options, 7Bit offers Visa, Mastercard, Maestro, Skrill, Neteller, Pay ID, and bank transfers, ensuring accessibility for all players at a fast paying online casino. While slower than crypto, these methods are optimized for efficiency:

    • Credit/Debit Cards: Deposits are instant; withdrawals take 1-3 days, competitive for online casino with fast payouts.
    • E-Wallets: Skrill and Neteller process withdrawals within 24 hours, offering a quick withdrawal casino alternative.
    • Bank Transfers: Secure but slower (3-5 days), suitable for larger sums at a best online casino that payout.
    • Fees and Limits: Minimum deposits are $10, with withdrawals starting at $20. Fiat withdrawals may incur minor fees (1-2%), but 7Bit keeps costs low.

    Streamlined Banking Experience

    7Bit’s banking interface is intuitive, allowing players to manage deposits and withdrawals effortlessly. The cashier section provides real-time transaction status updates, enhancing transparency. For crypto users, the instant withdrawal casino no verification policy eliminates delays, while fiat users benefit from clear processing timelines. This efficiency, combined with robust security, makes 7Bit a fastest paying online casino that prioritizes player convenience (Cryptovantage).

    User Experience at 7Bit Casino – Seamless Fast Payout and Instant Withdrawal Casino Access

    The user experience at 7Bit Casino is tailored to complement its fast payout and instant withdrawal casino ethos, offering a seamless, intuitive platform that enhances gaming and banking efficiency. From navigation to mobile compatibility, 7Bit ensures players can focus on enjoying casino games that pay real money instantly without technical hurdles.

    Intuitive Website Design

    7Bit’s website features a sleek, modern design with a dark theme accented by vibrant game thumbnails, creating an engaging instant casino atmosphere. Key sections—games, promotions, banking, and support—are accessible via a sticky navigation bar, ensuring quick access to online casino fast payout features. The search function and filters (e.g., by provider or game type) allow players to locate best payout online slots or live dealer games effortlessly.

    Mobile Compatibility for On-the-Go Payouts

    Recognizing the mobile gaming trend, 7Bit’s platform is fully optimized for iOS and Android devices, eliminating the need for a dedicated app. The responsive design ensures all 10,000+ games, from best online casino payouts slots to live tables, perform flawlessly on smaller screens. Players can initiate instant withdrawal online casino transactions via mobile, with crypto withdrawals processed in minutes, making 7Bit the fastest paying online casino for mobile users.

    • Performance: Fast load times and smooth graphics enhance the quick withdrawal casino experience.
    • Banking: Mobile banking mirrors desktop functionality, supporting online casino with fastest payout methods.
    • Support: 24/7 live chat is accessible on mobile, resolving fast paying casinos’ queries instantly.

    Personalized Features

    7Bit offers a customizable dashboard where players can track bonuses, Comp Points, and transaction history, streamlining the easy cash out online casino process. Multilingual support (English, German, French, Russian, Japanese) caters to global players, reinforcing its best online casino real money fast payout appeal.

    Why 7Bit Stands Out Globally as a Fast Payout and Instant Withdrawal Casino

    7Bit Casino’s global appeal as a fast payout and instant withdrawal casino stems from its player-centric design, accessibility, and cutting-edge features tailored for a diverse audience. Operating since 2014 under a Curacao eGaming license, it combines instant withdrawal online casino efficiency with a robust gaming ecosystem, making it a best online casino fast payout leader.

    Multilingual Interface

    Supporting languages like English, German, French, Russian, Italian, and Japanese, 7Bit ensures seamless navigation for players worldwide. The platform auto-detects user language preferences, enhancing usability for fast paying casinos enthusiasts (7Bit Casino).

    Diverse Currencies

    Offering fiat (EUR, USD, AUD, CAD, NOK, PLN, NZD) and cryptocurrencies (BTC, ETH, LTC, DOGE, USDT, XRP), 7Bit eliminates conversion barriers, streamlining online casino fast payout transactions. Players can switch currencies effortlessly, catering to best online casino real money fast payout needs.

    VPN-Friendly Access

    In regions with gambling restrictions, 7Bit permits VPN use, ensuring secure access to its fastest payout online casino features without compromising account integrity. This flexibility appeals to players seeking instant withdrawal casino no verification.

    Crypto Gaming Focus

    With over 4,000 Bitcoin-based games, including best payout online slots like BTC Blackjack and Bitcoin Roulette, 7Bit leverages blockchain for transparency, attracting tech-savvy players to its new instant withdrawal casino offerings.

    Global Community Engagement

    7Bit fosters a vibrant community through social media (e.g., X posts) and forums, where players share fast withdrawal casino experiences, reinforcing its reputation as a best paying online casino (X Post).

    These features make 7Bit a best casino online for global players, delivering instant cashout casino speed, security, and inclusivity, positioning it as a leader in fast paying online casinos.

    Mobile Gaming at 7Bit Casino – Fast Payouts on the Go

    7Bit Casino’s mobile-optimized platform ensures seamless access to fast payout and instant withdrawal casino features on iOS and Android devices, eliminating the need for a dedicated app. Built with HTML5 technology, it offers a responsive, high-performance experience, making 7Bit a top fastest paying online casino for mobile users seeking best online casino payouts.

    • Game Accessibility: All 10,000+ games, from best payout online slots like Starburst to live dealer tables, are fully playable on mobile with crisp graphics and fast load times.
    • Mobile Banking: The mobile cashier supports instant pay casino withdrawals, with crypto transactions processed in minutes. Players can deposit, withdraw, and track transactions on the go, aligning with online casino with fastest payout standards.
    • Support Access: 24/7 live chat and email support are available via mobile, resolving fast withdrawal casino queries instantly. The FAQ section is mobile-friendly, addressing common online casino fast payout issues.
    • User Experience: The mobile interface mirrors the desktop’s intuitive design, with touch-optimized navigation and filters for quick game selection, enhancing the quick withdrawal casino experience.

    Responsible Gambling at 7Bit Casino – Supporting Safe Fast Payouts

    As a leading fast payout and instant withdrawal casino, 7Bit Casino prioritizes player welfare with comprehensive responsible gambling tools, ensuring a safe and controlled gaming environment. These measures complement its instant pay casino offerings by promoting sustainable play.

    Responsible Gambling Tools

    7Bit provides a suite of tools to help players manage their gambling:

    • Deposit Limits: Set daily, weekly, or monthly caps to control spending, aligning with same-day payout casino budgeting.
    • Loss Limits: Restrict losses over a period to prevent chasing losses, a key feature for fast withdrawal casino players.
    • Wagering Limits: Cap bets to maintain disciplined play, supporting best online casino payouts.
    • Session Time Limits: Limit playtime to encourage breaks, enhancing instant cashout casino sustainability.
    • Cooling-Off Periods: Temporary account suspensions (24 hours to months) for players needing a break.
    • Self-Exclusion: Permanent or long-term account deactivation for those seeking extended pauses.
    • Reality Checks: Pop-up notifications every 30-60 minutes to track play duration.

    Support Resources

    7Bit partners with organizations like GamCare (www.gamcare.org.uk) and Gamblers Anonymous (www.gamblersanonymous.org), providing links and helplines for professional support. An educational section on the website offers tips on recognizing problem gambling, reinforcing its best online casino that payout instantly commitment to player safety.

    Compliance and Transparency

    Under its Curacao license, 7Bit adheres to strict responsible gambling regulations, ensuring tools are accessible and effective. Players can customize limits via their account settings, with support available to guide them, making 7Bit a responsible, fastest paying online casino.

    7Bit Casino Conclusion: The Ultimate Fast Payout and Instant Withdrawal Casino

    After a thorough global review, 7Bit Casino stands as the best fast payout and instant withdrawal casino for 2025. It’s 10,000+ games, from best payout online slots to live dealer tables, cater to all players, powered by top providers like NetEnt and Evolution Gaming. The 325% welcome bonus up to 5.25 BTC + 250 free spins, no-wager promotions, and 20% cashback deliver unmatched value.

    Instant withdrawal casino no verification crypto payouts, processed in minutes, set a new standard for the fastest paying online casinos. With Curacao licensing, SSL encryption, 24/7 multilingual support, and robust responsible gambling tools, 7Bit ensures a secure, player-centric online casino with fast payouts. Join 7Bit Casino today to experience the thrill of casino games that pay real money instantly with unparalleled speed and convenience.

    Frequently Asked Questions

    • What defines a fast payout and instant withdrawal casino?

    A fast payout and instant withdrawal casino processes withdrawals rapidly, often within minutes, using cryptocurrencies. 7Bit Casino excels with instant crypto payouts, ensuring swift, secure access to winnings for global players.

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    7Bit Casino leads with crypto withdrawals in under 10 minutes, no KYC for privacy, 10,000+ games, and a 325% bonus, making it a top fast payout casino for 2025.

    • What payment methods support 7Bit’s fast payouts?

    7Bit Casino offers Bitcoin, Ethereum, Litecoin, and fiat options like Visa and Skrill. Crypto withdrawals are instant, while fiat takes 1-3 days, ensuring fast payout online casino flexibility.

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    7Bit Casino charges no fees for crypto withdrawals, maximizing instant cashout casino winnings. Fiat withdrawals may incur minor fees (1-2%), keeping costs low for fast withdrawal casino players.

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    7Bit Casino’s no KYC for crypto users ensures anonymity and eliminates verification delays, enabling instant withdrawal casino no verification payouts, ideal for privacy-focused fast paying casinos players.

    • What games offer instant payouts at 7Bit Casino?

    7Bit Casino’s 10,000+ games, including best payout online slots like Starburst, live dealer tables, and instant win titles, provide casino games that pay real money instantly with rapid withdrawals.

    • Can I play 7Bit Casino on mobile for fast payouts?

    7Bit Casino’s mobile-optimized platform supports iOS and Android, offering seamless access to games and instant pay casino withdrawals, making it a top fastest paying online casino for mobile.

    • What bonuses enhance 7Bit’s fast payout experience?

    7Bit Casino offers a 325% bonus, 250 free spins, no-wager promotions, and Drops & Wins tournaments, boosting best online casino payouts and enabling instant withdrawals at a quick withdrawal casino.

    • Is 7Bit Casino a secure fast payout casino?

    Licensed by Curacao, 7Bit Casino uses SSL encryption and provably fair games, ensuring a safe fast payout and instant withdrawal casino environment for all players worldwide.

    • How does 7Bit Casino ensure responsible gambling?

    7Bit Casino provides deposit limits, self-exclusion, and links to GamCare, promoting safe play at a fast payout casino, ensuring players enjoy instant cashout casino responsibly.

    Email: support@7bitcasino.com

    Legal Disclaimer

    This content is for informational purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

    Affiliate Disclosure

    Some links may be affiliate links, earning a commission at no cost to you. Recommendations are objective, and partnerships do not influence content or conclusions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6a23fa-0a7a-4336-8025-485f0997df63

    The MIL Network –

  • MIL-OSI: GAMCO Natural Resources, Gold & Income Trust (NYSE: GNT) Announces Consideration of Tax Benefits Preservation Plan

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (the “Fund”) has instructed Fund management to explore the implementation of a tax benefit preservation plan designed to help preserve the full availability of the Fund’s capital loss carryforwards (“CLCFs”).

    As of March 31, 2025, the Fund estimates that its cumulative CLCFs exceed $74 million. These CLCFs, which are not subject to any expiration date under current law for so long as the Fund qualifies for taxation as a regulated investment company, benefit the Fund and its shareholders by reducing the Fund’s taxable capital gains in future years.

    The purpose of the tax benefit preservation plan, if adopted, would be to reduce the risk of substantial impairment to the Fund’s CLCFs that could result from the triggering of an “ownership change”” within the meaning of Section 382 of the Internal Revenue Code. In general, an “ownership change” would occur if the Company’s “5% stockholders” (within the meaning of Section 382 of the Internal Revenue Code) increase their aggregate ownership in the Fund by more than 50 percentage points over a rolling three-year period. If the Fund were to undergo an “ownership change,” its use of CLCFs would be subject to the limitations set forth in Section 382.

    The tax benefit preservation plan, if adopted, would seek to create a disincentive for any shareholder to accumulate beneficial ownership of Fund shares of 4.9% or more, or further accumulate Fund shares if the shareholder’s beneficial ownership already exceeds 4.9%, in each case without the approval of the Board.

    It is expected that the Fund would implement the tax benefit preservation plan, if adopted, by issuing rights to each holder of the Fund’s common shares on a record date to be determined by the Board. The rights would not be exercisable at issuance. However, if any person or certain groups acquire shares above an ownership threshold established by the terms of the rights, or if a person or such group that already owns above that threshold acquires additional shares, then, the rights would become exercisable, pursuant to which all shareholders, other than the acquiring party, could purchase additional common shares.

    The final terms of the tax benefit preservation plan, if adopted, will be determined by the Board and publicly announced at the time of any such adoption.

    There is no assurance that a tax benefit preservation plan will be adopted. And, if adopted, there is no assurance that a tax benefit preservation plan will prevent an “ownership change” within the meaning of Section 382.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    David Schachter
    (914) 921-5057

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Natural Resources, Gold & Income Trust
    The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $146 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GNT
    CUSIP – 36465E101

    Investor Relations Contact:
    David Schachter
    (914) 921-5057
    dschachter@gabelli.com

    The MIL Network –

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year.  Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.”

    Qorvo’s current outlook for the June 2025 quarter is:

    • Quarterly revenue of approximately $775 million, plus or minus $25 million
    • Non-GAAP gross margin between 42% and 44%
    • Non-GAAP diluted earnings per share between $0.50 and $0.75

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         366.6       $         391.4       $         381.9       $         (24.8 )     $         (15.3 )  
    Gross margin   42.2   %     42.7   %     40.6   %     (0.5 ) ppt     1.6   ppt
    Operating expenses $         338.3       $         338.4       $         351.9       $         (0.1 )     $         (13.6 )  
    Operating income $         28.2       $         53.0       $         30.0       $         (24.8 )     $         (1.8 )  
    Net income $         31.4       $         41.3       $         2.7       $         (9.9 )     $         28.7    
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         0.33       $         0.43       $         0.03       $         (0.10 )     $         0.30    
                         
                         
    SELECTED NON-GAAP RESULTS (1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                         
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $         869.5       $         916.3       $         941.0       $         (46.8 )     $         (71.5 )  
    Gross profit $         398.7       $         426.3       $         400.4       $         (27.6 )     $         (1.7 )  
    Gross margin   45.9   %     46.5   %     42.5   %     (0.6 ) ppt     3.4   ppt
    Operating expenses $         246.8       $         248.4       $         253.2       $         (1.6 )     $         (6.4 )  
    Operating income $         151.8       $         177.9       $         147.2       $         (26.1 )     $         4.6    
    Net income $         133.3       $         152.8       $         135.5       $         (19.5 )     $         (2.2 )  
    Weighted-average diluted shares           94.1                 95.0                 97.3                 (0.9 )               (3.2 )  
    Diluted EPS $         1.42       $         1.61       $         1.39       $         (0.19 )     $         0.03    
     
    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.
     
    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
     
      Q4 Fiscal 2025   Q3 Fiscal 2025   Q4 Fiscal 2024   Sequential Change
    		   Year-over-Year Change
    Revenue                          
    HPA $         187.9       $         171.7       $         164.6               9.4   %   14.2   %
    CSG           101.3                 109.5                 122.8               (7.5 ) %   (17.5 ) %
    ACG           580.3                 635.1                 653.6               (8.6 ) %   (11.2 ) %
    Total revenue $         869.5       $         916.3       $         941.0               (5.1 ) %   (7.6 ) %
    Operating income (loss)                          
    HPA $         58.4       $         32.6       $         31.5               79.1   %   85.4   %
    CSG           (15.6 )               (11.7 )               (15.2 )             (33.3 ) %   (2.6 ) %
    ACG           109.7                 161.2                 134.3               (31.9 ) %   (18.3 ) %
    Unallocated amounts (1)           (124.3 )               (129.1 )               (120.6 )             3.7   %   (3.1 ) %
    Total operating income $         28.2       $         53.0       $         30.0               (46.8 ) %   (6.0 ) %
    Operating income (loss) as a % of revenue                            
    HPA           31.1   %             19.0   %             19.1   %   12.1   ppt   12.0   ppt
    CSG           (15.4 )               (10.7 )               (12.4 )     (4.7 ) ppt   (3.0 ) ppt
    ACG           18.9                 25.4                 20.5       (6.5 ) ppt   (1.6 ) ppt
    Total operating income as a % of revenue           3.3   %             5.8   %             3.2   %   (2.5 ) ppt   —   ppt
                                                 
    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.


    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Twelve Months Ended
      March 29, 2025   March 30, 2024   March 29, 2025   March 30, 2024
    Revenue $         869,474     $         940,988     $         3,718,971     $         3,769,506  
                   
    Costs and expenses:              
    Cost of goods sold           502,911               559,131               2,183,382               2,281,011  
    Research and development           179,931               179,883               747,709               682,249  
    Selling, general and administrative           90,581               93,107               403,624               389,140  
    Other operating expense           67,830               78,889               288,729               325,405  
    Total costs and expenses           841,253               911,010               3,623,444               3,677,805  
                   
    Operating income           28,221               29,978               95,527               91,701  
    Interest expense           (19,985 )             (17,282 )             (78,328 )             (69,245 )
    Other income, net           6,987               16,818               48,700               51,104  
                   
    Income before income taxes           15,223               29,514               65,899               73,560  
    Income tax benefit (expense)           16,142               (26,779 )             (10,284 )             (143,882 )
    Net income (loss) $         31,365     $         2,735     $         55,615     $         (70,322 )
                   
    Net income (loss) per share:              
    Basic $         0.34     $         0.03     $         0.59     $         (0.72 )
    Diluted $         0.33     $         0.03     $         0.58     $         (0.72 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic           93,249               96,277               94,586               97,557  
    Diluted           94,105               97,335               95,450               97,557  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
               
    GAAP operating income $         28,221     $         53,025     $         29,978  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503                         —                                    —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           6,247               2,216               15,792  
    Non-GAAP operating income $         151,849     $         177,911     $         147,224  
               
    GAAP net income $         31,365     $         41,271     $         2,735  
    Stock-based compensation expense           27,415               28,384               21,581  
    Amortization of intangible assets           24,040               26,085               31,187  
    Restructuring-related (adjustments) charges   (17,252 )             68,072               55,535  
    Goodwill and intangible asset impairment   79,503       —       —  
    Acquisition and integration-related costs           4,395               1,382               6,596  
    Net adjustments related to a terminated capacity reservation agreement           (720 )             (1,253 )             (13,445 )
    Other expense           8,889               600               10,662  
    Loss (gain) on investment           802               (1,721 )             1,805  
    Adjustment of income taxes           (25,095 )             (10,067 )             18,874  
    Non-GAAP net income $         133,342     $         152,753     $         135,530  
               
    GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
    Dilutive stock-based awards           —               —               —  
    Non-GAAP weighted-average outstanding diluted shares           94,105               95,031               97,335  
               
    Non-GAAP net income per share, diluted $         1.42     $         1.61     $         1.39  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) March 29, 2025   December 28, 2024   March 30, 2024
    GAAP gross profit/margin $         366,563           42.2   %   $         391,416           42.7   %   $         381,857           40.6   %
    Stock-based compensation expense           5,645           0.7                 5,742           0.6                 3,444           0.3    
    Amortization of intangible assets           21,684           2.5                 23,462           2.6                 26,031           2.8    
    Restructuring-related charges           5,492           0.6                 6,931           0.7                 1,212           0.1    
    Acquisition and integration-related costs           1           —                 1           —                 1,281           0.1    
    Net adjustments related to a terminated capacity reservation agreement           (720 )         (0.1 )               (1,253 )         (0.1 )               (13,445 )         (1.4 )  
    Non-GAAP gross profit/margin $         398,665           45.9   %   $         426,299           46.5   %   $         400,380           42.5   %
      Three Months Ended
    Non-GAAP Operating Income March 29, 2025
    (as a percentage of revenue)  
       
    GAAP operating income         3.3   %
    Stock-based compensation expense         3.2    
    Amortization of intangible assets         2.8    
    Restructuring-related adjustments (2.0 )  
    Goodwill and intangible asset impairment 9.1    
    Acquisition and integration-related costs         0.5    
    Net adjustments related to a terminated capacity reservation agreement         (0.1 )  
    Other expense         0.7    
    Non-GAAP operating income         17.5   %
      Three Months Ended
    Free Cash Flow (1) March 29, 2025
    (in millions)  
       
    Net cash provided by operating activities $         199.2  
    Purchases of property and equipment           (28.5 )
    Free cash flow $         170.7  
     
    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
     
    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP research and development expense $ 179,931     $ 179,126     $ 179,883  
    Less:              
    Stock-based compensation expense   14,364       13,650       11,812  
    Acquisition and integration-related costs   1       1       1  
    Non-GAAP research and development expense $ 165,566     $ 165,475     $ 168,070  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP selling, general and administrative expense $ 90,581     $ 90,360     $ 93,107  
    Less:              
    Stock-based compensation expense   7,576       8,985       6,291  
    Amortization of intangible assets   2,356       2,623       5,156  
    Non-GAAP selling, general and administrative expense $ 80,649     $ 78,752     $ 81,660  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP other operating expense $ 67,830     $ 68,905     $ 78,889  
    Less:              
    Stock-based compensation (adjustment) expense   (170 )     7       34  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                    —                                    —  
    Acquisition and integration-related costs   4,393       1,380       5,314  
    Other expense   6,247       2,216       15,792  
    Non-GAAP other operating expense $ 601     $ 4,161     $ 3,426  
                   
      Three Months Ended
      March 29, 2025   December 28, 2024   March 30, 2024
    GAAP total operating expense $ 338,342     $ 338,391     $ 351,879  
    Less:              
    Stock-based compensation expense   21,770       22,642       18,137  
    Amortization of intangible assets   2,356       2,623       5,156  
    Restructuring-related (adjustments) charges   (22,744 )     61,141       54,323  
    Goodwill and intangible asset impairment   79,503                                   —                                    —  
    Acquisition and integration-related costs   4,394       1,381       5,315  
    Other expense   6,247       2,216       15,792  
    Non-GAAP total operating expense $ 246,816     $ 248,388     $ 253,156  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      March 29, 2025   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $         1,021,176     $         1,029,258  
    Accounts receivable, net           386,719               412,960  
    Inventories           640,992               710,555  
    Other current assets           118,388               133,983  
    Assets of disposal group held for sale           —               159,278  
    Total current assets           2,167,275               2,446,034  
           
    Property and equipment, net           801,895               870,982  
    Goodwill           2,389,741               2,534,601  
    Intangible assets, net           273,478               509,383  
    Long-term investments           23,433               23,252  
    Other non-current assets           277,309               170,383  
    Total assets $         5,933,131     $         6,554,635  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $         548,644     $         589,760  
    Current portion of long-term debt           —               438,740  
    Other current liabilities           234,538               113,215  
    Liabilities of disposal group held for sale           —               88,372  
    Total current liabilities           783,182               1,230,087  
           
    Long-term debt           1,549,215               1,549,272  
    Other long-term liabilities           208,422               218,904  
    Total liabilities           2,540,819               2,998,263  
           
    Stockholders’ equity           3,392,312               3,556,372  
    Total liabilities and stockholders’ equity $         5,933,131     $         6,554,635  

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

  • MIL-OSI: NMI Holdings, Inc. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025, compared to $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024. Adjusted net income for the quarter was $102.5 million, or $1.28 per diluted share, compared to $86.1 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered standout operating performance, continued growth in our high-quality insured portfolio and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. We continue to manage our business with discipline and a focus on through-the-cycle performance, and looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained performance and long-term value for our shareholders.”

    Selected first quarter 2025 highlights include:

    • Primary insurance-in-force at quarter end was $211.3 billion, compared to $210.2 billion at the end of the fourth quarter and $199.4 billion at the end of the first quarter of 2024.
    • Net premiums earned were $149.4 million, compared to $143.5 million in the fourth quarter and $136.7 million in the first quarter of 2024.
    • Total revenue was $173.2 million, compared to $166.5 million in the fourth quarter and $156.3 million in the first quarter of 2024.
    • Insurance claims and claim expenses were $4.5 million, compared to $17.3 million in the fourth quarter and $3.7 million in the first quarter of 2024. Loss ratio was 3.0%, compared to 12.0% in the fourth quarter and 2.7% in the first quarter of 2024.
    • Underwriting and operating expenses were $30.2 million, compared to $31.1 million in the fourth quarter and $29.8 million in the first quarter of 2024. Expense ratio was 20.2%, compared to 21.7% in the fourth quarter and 21.8% in the first quarter of 2024.
    • Net income was $102.6 million, compared to $86.2 million in the fourth quarter and $89.0 million in the first quarter of 2024. Diluted EPS was $1.28, compared to $1.07 in the fourth quarter and $1.08 in the first quarter of 2024.
    • Shareholders’ equity was $2.3 billion at quarter end and book value per share was $29.65. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $30.85, up 4% compared to $29.80 in the fourth quarter and 17% compared to $26.42 in the first quarter of 2024.
    • Annualized return on equity for the quarter was 18.1%, compared to 15.6% in the fourth quarter and 18.2% in the first quarter of 2024.
    • At quarter-end, total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.
      Quarter Ended Quarter Ended Quarter Ended Change(1) Change(1)
      3/31/2025 12/31/2024 3/31/2024 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 211.3   $ 210.2   $ 199.4   1 % 6 %
    New Insurance Written – NIW   9.2     11.9     9.4   (23) % (2)%
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 149.4   $ 143.5   $ 136.7   4 % 9 %
    Net Investment Income   23.7     22.7     19.4   4 % 22 %
    Insurance Claims and Claim Expenses   4.5     17.3     3.7   (74) % 21 %
    Underwriting and Operating Expenses   30.2     31.1     29.8   (3) %  1 %
    Net Income   102.6     86.2     89.0   19 % 15 %
    Diluted EPS $ 1.28   $ 1.07   $ 1.08   20 % 18 %
    Book Value per Share (excluding net unrealized gains and losses)(2) $ 30.85   $ 29.80   $ 26.42   4 % 17 %
    Loss Ratio   3.0 %   12.0 %   2.7 %    
    Expense Ratio   20.2 %   21.7 %   21.8 %    
                           
    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
     

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, April 29, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

    (4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Senior Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended March 31,
        2025       2024  
      (In Thousands, except for per share data)
    Revenues      
    Net premiums earned $ 149,366     $ 136,657  
    Net investment income   23,686       19,436  
    Net realized investment gains   24       —  
    Other revenues   170       160  
    Total revenues   173,246       156,253  
    Expenses      
    Insurance claims and claim expenses   4,478       3,694  
    Underwriting and operating expenses   30,175       29,815  
    Service expenses   116       137  
    Interest expense   7,106       8,040  
    Total expenses   41,875       41,686  
           
    Income before income taxes   131,371       114,567  
    Income tax expense   28,812       25,517  
    Net income $ 102,559     $ 89,050  
           
    Earnings per share      
    Basic $ 1.31     $ 1.10  
    Diluted $ 1.28     $ 1.08  
           
    Weighted average common shares outstanding      
    Basic   78,407       80,726  
    Diluted   79,858       82,099  
           
    Loss ratio(1)   3.0 %     2.7 %
    Expense ratio(2)   20.2 %     21.8 %
    Combined ratio   23.2 %     24.5 %
           
    Net income $ 102,559     $ 89,050  
    Other comprehensive income (loss), net of tax:      
    Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $8,186 and $(2,729) for the quarters ended March 31, 2025 and 2024, respectively   30,795       (9,905 )
    Reclassification adjustment for realized gains included in net income, net of tax expense of $5 for the quarter ended March 31, 2025   (19 )     —  
    Other comprehensive income (loss), net of tax   30,776       (9,905 )
    Comprehensive income $ 133,335     $ 79,145  
                   
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                   
    Consolidated balance sheets (unaudited) March 31, 2025   December 31, 2024
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,923,088 and $2,876,343 as of March 31, 2025 and December 31, 2024, respectively) $ 2,809,247     $ 2,723,541  
    Cash and cash equivalents (including restricted cash of $90 as of December 31, 2024)   74,209       54,308  
    Premiums receivable, net   84,153       82,804  
    Accrued investment income   23,641       22,386  
    Deferred policy acquisition costs, net   64,013       64,327  
    Software and equipment, net   24,960       25,681  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   31,379       32,260  
    Prepaid federal income taxes   322,175       322,175  
    Other assets   18,785       18,857  
    Total assets $ 3,456,196     $ 3,349,973  
           
    Liabilities      
    Debt $ 415,606     $ 415,146  
    Unearned premiums   59,176       65,217  
    Accounts payable and accrued expenses   78,937       103,164  
    Reserve for insurance claims and claim expenses   151,847       152,071  
    Deferred tax liability, net   418,916       386,192  
    Other liabilities   10,143       10,751  
    Total liabilities   1,134,625       1,132,541  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 88,321,226 shares issued and 78,301,469 shares outstanding as of March 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)   883       879  
    Additional paid-in capital   1,001,545       1,004,692  
    Treasury Stock, at cost: 10,019,757 and 9,301,900 common shares as of March 31, 2025 and December 31, 2024, respectively   (272,647 )     (246,594 )
    Accumulated other comprehensive loss, net of tax   (94,028 )     (124,804 )
    Retained earnings   1,685,818       1,583,259  
    Total shareholders’ equity   2,321,571       2,217,432  
    Total liabilities and shareholders’ equity $ 3,456,196     $ 3,349,973  
                   
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended
      3/31/2025   12/31/2024   3/31/2024
    As Reported (In Thousands, except for per share data)
    Revenues          
    Net premiums earned $ 149,366     $ 143,520     $ 136,657  
    Net investment income   23,686       22,718       19,436  
    Net realized investment gains   24       33       —  
    Other revenues   170       233       160  
    Total revenues   173,246       166,504       156,253  
    Expenses          
    Insurance claims and claim expenses   4,478       17,253       3,694  
    Underwriting and operating expenses   30,175       31,092       29,815  
    Service expenses   116       184       137  
    Interest expense   7,106       7,102       8,040  
    Total expenses   41,875       55,631       41,686  
               
    Income before income taxes   131,371       110,873       114,567  
    Income tax expense   28,812       24,706       25,517  
    Net income $ 102,559     $ 86,167     $ 89,050  
               
    Adjustments:          
    Net realized investment gains   (24 )     (33 )     —  
    Adjusted income before taxes   131,347       110,840       114,567  
               
    Income tax benefit on adjustments(1)   5       7       —  
    Adjusted net income $ 102,540     $ 86,141     $ 89,050  
               
    Weighted average diluted shares outstanding   79,858       80,623       82,099  
               
    Diluted EPS $ 1.28     $ 1.07     $ 1.08  
    Adjusted diluted EPS $ 1.28     $ 1.07     $ 1.08  
               
    Return on equity   18.1 %     15.6 %     18.2 %
    Adjusted return on equity   18.1 %     15.6 %     18.2 %
               
    Expense ratio(2)   20.2 %     21.7 %     21.8 %
    Adjusted expense ratio(3)   20.2 %     21.7 %     21.8 %
               
    Combined ratio(4)   23.2 %     33.7 %     24.5 %
    Adjusted combined ratio(5)   23.2 %     33.7 %     24.5 %
               
    Book value per share(6) $ 29.65     $ 28.21     $ 24.56  
    Book value per share (excluding net unrealized gains and losses)(7) $ 30.85     $ 29.80     $ 26.42  
                           
    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
                           
    Historical Quarterly Data   2025       2024  
      March 31   December 31   September 30   June 30   March 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 149,366     $ 143,520     $ 143,343     $ 141,168     $ 136,657  
    Net investment income   23,686       22,718       22,474       20,688       19,436  
    Net realized investment gains (losses)   24       33       (10 )     —       —  
    Other revenues   170       233       285       266       160  
    Total revenues   173,246       166,504       166,092       162,122       156,253  
    Expenses                  
    Insurance claims and claim expenses   4,478       17,253       10,321       276       3,694  
    Underwriting and operating expenses   30,175       31,092       29,160       28,330       29,815  
    Service expenses   116       184       208       194       137  
    Interest expense   7,106       7,102       7,076       14,678       8,040  
    Total expenses   41,875       55,631       46,765       43,478       41,686  
                       
    Income before income taxes   131,371       110,873       119,327       118,644       114,567  
    Income tax expense   28,812       24,706       26,517       26,565       25,517  
    Net income $ 102,559     $ 86,167     $ 92,810     $ 92,079     $ 89,050  
                       
    Earnings per share                  
    Basic $ 1.31     $ 1.09     $ 1.17     $ 1.15     $ 1.10  
    Diluted $ 1.28     $ 1.07     $ 1.15     $ 1.13     $ 1.08  
                       
    Weighted average common shares outstanding                  
    Basic   78,407       78,997       79,549       80,117       80,726  
    Diluted   79,858       80,623       81,045       81,300       82,099  
                       
    Other data                  
    Loss ratio(1)   3.0 %     12.0 %     7.2 %     0.2 %     2.7 %
    Expense ratio(2)   20.2 %     21.7 %     20.3 %     20.1 %     21.8 %
    Combined ratio   23.2 %     33.7 %     27.5 %     20.3 %     24.5 %
                                           
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                                           

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 9,221     $ 11,925     $ 12,218     $ 12,503     $ 9,398  
    New risk written   2,428       3,134       3,245       3,335       2,486  
    Insurance-in-force (IIF)(1)   211,308       210,183       207,538       203,501       199,373  
    Risk-in-force (RIF)(1)   56,515       56,113       55,253       53,956       52,610  
    Policies in force (count)(1)   661,490       659,567       654,374       645,276       635,662  
    Average loan size($ value in thousands)(1) $ 319     $ 319     $ 317     $ 315     $ 314  
    Coverage percentage(2)   26.7 %     26.7 %     26.6 %     26.5 %     26.4 %
    Loans in default (count)(1)   6,859       6,642       5,712       4,904       5,109  
    Default rate(1)   1.04 %     1.01 %     0.87 %     0.76 %     0.80 %
    Risk-in-force on defaulted loans(1) $ 567     $ 545     $ 468     $ 401     $ 414  
    Average net premium yield(3)   0.28 %     0.27 %     0.28 %     0.28 %     0.28 %
    Earnings from cancellations $ 0.6     $ 0.8     $ 0.8     $ 1.0     $ 0.6  
    Annual persistency(4)   84.3 %     84.6 %     85.5 %     85.4 %     85.8 %
    Quarterly run-off(5)   3.9 %     4.5 %     4.0 %     4.2 %     3.6 %
                                           
    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
                                           

    NIW, IIF and Premiums

    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

    NIW For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 9,049   $ 11,688   $ 11,978   $ 12,288   $ 9,175
    Single   172     237     240     215     223
    Total $ 9,221   $ 11,925   $ 12,218   $ 12,503   $ 9,398
                                 
    Primary IIF As of
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 193,856   $ 192,228   $ 189,241   $ 184,862   $ 180,343
    Single   17,452     17,955     18,297     18,639     19,030
    Total $ 211,308   $ 210,183   $ 207,538   $ 203,501   $ 199,373
                                 

            The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, and 2025 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, and 2025 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 12,888,870     $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207  
    Ceded premiums earned   (41,011 )     (41,596 )     (41,761 )     (41,555 )     (41,269 )
    Ceded claims and claim expenses (benefits)   523       4,075       2,449       (138 )     659  
    Ceding commission earned   9,768       9,997       10,152       10,222       10,292  
    Profit commission   23,398       20,149       21,883       24,351       23,407  
    The ILN Transactions(1)                  
    Ceded premiums $ (3,311 )   $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )
    The XOL Transactions                  
    Ceded Premiums $ (10,168 )   $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )
                                           
    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
                                           

    The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    NIW by FICO For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 4,971   $ 6,508   $ 4,888
    740-759   1,753     2,090     1,797
    720-739   1,177     1,621     1,220
    700-719   665     890     780
    680-699   413     575     530
    <=679   242     241     183
    Total $ 9,221   $ 11,925   $ 9,398
    Weighted average FICO   758     758     757
                     
    NIW by LTV For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 1,147     $ 1,510     $ 1,062  
    90.01% to 95.00%   4,274       5,370       4,414  
    85.01% to 90.00%   2,751       3,740       2,931  
    85.00% and below   1,049       1,305       991  
    Total $ 9,221     $ 11,925     $ 9,398  
    Weighted average LTV   92.2 %     92.1 %     92.3 %
                           
    NIW by purchase/refinance mix For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    Purchase $ 8,822   $ 10,799   $ 9,157
    Refinance   399     1,126     241
    Total $ 9,221   $ 11,925   $ 9,398
                     

    The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2025.

    Primary IIF and RIF As of March 31, 2025
      IIF   RIF
    Book Year (In Millions)
    2025 $ 9,152   $ 2,409
    2024   42,379     11,242
    2023   33,286     8,789
    2022   46,203     12,356
    2021   48,162     13,049
    2020 and before   32,126     8,670
    Total $ 211,308   $ 56,515
               

            The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 106,004   $ 105,315   $ 99,195
    740-759   37,716     37,321     35,416
    720-739   29,430     29,343     28,033
    700-719   19,737     19,766     18,904
    680-699   13,324     13,374     13,002
    <=679   5,097     5,064     4,823
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 28,117   $ 27,883   $ 25,935
    740-759   10,132     10,006     9,392
    720-739   7,966     7,926     7,484
    700-719   5,384     5,383     5,089
    680-699   3,610     3,615     3,479
    <=679   1,306     1,300     1,231
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary IIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 24,167   $ 23,555   $ 20,277
    90.01% to 95.00%   104,312     103,472     97,028
    85.01% to 90.00%   64,298     64,290     61,169
    85.00% and below   18,531     18,866     20,899
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 7,546   $ 7,345   $ 6,275
    90.01% to 95.00%   30,804     30,563     28,663
    85.01% to 90.00%   15,957     15,956     15,174
    85.00% and below   2,208     2,249     2,498
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary RIF by Loan Type As of
      March 31, 2025   December 31, 2024   March 31, 2024
    Fixed 98 %   98 %   98 %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100 %   100 %   100 %
                     

    The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

    Primary IIF As of and for the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    IIF, beginning of period $ 210,183     $ 207,538     $ 197,029  
    NIW   9,221       11,925       9,398  
    Cancellations, principal repayments and other reductions   (8,096 )     (9,280 )     (7,054 )
    IIF, end of period $ 211,308     $ 210,183     $ 199,373  
                           

    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated.

    Top 10 primary RIF by state As of
      March 31, 2025   December 31, 2024   March 31, 2024
    California 10.1 %   10.1 %   10.2 %
    Texas 8.5     8.6     8.8  
    Florida 7.3     7.3     7.5  
    Georgia 4.1     4.1     4.2  
    Washington 3.9     3.9     3.9  
    Illinois 3.8     3.8     3.9  
    Virginia 3.7     3.7     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.3     3.0  
    North Carolina 3.2     3.2     3.1  
    Total 51.3 %   51.4 %   51.9 %
                     

    The table below presents selected primary portfolio statistics, by book year, as of March 31, 2025.

      As of March 31, 2025    
    Book Year Original Insurance Written   Remaining Insurance in Force   % Remaining of Original Insurance   Policies Ever in Force   Number of Policies in Force   Number of Loans in Default   # of Claims Paid   Incurred Loss Ratio (Inception to Date)(1)   Cumulative Default Rate(2)   Current default rate(3)
      ($ Values In Millions)    
    2016 and prior $ 37,222   $ 2,133   6 %   151,615   11,572   237   398   2.1 %   0.4 %   2.0 %
    2017   21,582     1,753   8 %   85,897   10,007   263   189   1.8 %   0.5 %   2.6 %
    2018   27,295     2,306   8 %   104,043   12,534   403   191   2.6 %   0.6 %   3.2 %
    2019   45,141     5,923   13 %   148,423   26,358   509   99   2.1 %   0.4 %   1.9 %
    2020   62,702     20,011   32 %   186,174   70,620   575   57   1.3 %   0.3 %   0.8 %
    2021   85,574     48,162   56 %   257,972   160,946   1,704   95   3.3 %   0.7 %   1.1 %
    2022   58,734     46,203   79 %   163,281   135,610   2,014   112   16.2 %   1.3 %   1.5 %
    2023   40,473     33,286   82 %   111,994   96,394   836   17   14.0 %   0.8 %   0.9 %
    2024   46,044     42,379   92 %   120,747   113,636   318   —   7.9 %   0.3 %   0.3 %
    2025   9,221     9,152   99 %   23,956   23,813   —   —   — %   — %   — %
    Total $ 433,988   $ 211,308       1,354,102   661,490   6,859   1,158            
                                               
    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.
                                               

    The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

      For the three months ended March 31,
        2025       2024  
      (In Thousands)
    Beginning balance $ 152,071     $ 123,974  
    Less reinsurance recoverables(1)   (32,260 )     (27,514 )
    Beginning balance, net of reinsurance recoverables   119,811       96,460  
           
    Add claims incurred:      
    Claims and claim expenses incurred:      
    Current year(2)   34,559       32,976  
    Prior years(3)   (30,081 )     (29,282 )
    Total claims and claim expenses incurred   4,478       3,694  
           
    Less claims paid:      
    Claims and claim expenses paid:      
    Current year(2)   —       —  
    Prior years(3)   4,076       852  
    Reinsurance terminations(4)   (255 )     —  
    Total claims and claim expenses paid   3,821       852  
           
    Reserve at end of period, net of reinsurance recoverables   120,468       99,302  
    Add reinsurance recoverables(1)   31,379       27,880  
    Ending balance $ 151,847     $ 127,182  
                   
    (1) Related to ceded losses recoverable under the QSR Transactions.
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $25.9 million attributed to net case reserves and $6.6 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $22.4 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016, 2018 and 2021 QSR Transactions by mutual agreement on a cut-off basis with no termination fee.
     

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended March 31,
      2025     2024  
    Beginning default inventory 6,642     5,099  
    Plus: new defaults 2,421     1,876  
    Less: cures (2,094 )   (1,817 )
    Less: claims paid (95 )   (42 )
    Less: rescission and claims denied (15 )   (7 )
    Ending default inventory 6,859     5,109  
               

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended March 31,
        2025       2024  
      ($ Values In Thousands)
    Number of claims paid(1)   95       42  
    Total amount paid for claims $ 5,225     $ 1,145  
    Average amount paid per claim $ 55     $ 27  
    Severity(2)   69 %     54 %
                   
    (1) Count includes 20 and 16 claims settled without payment during the three months ended March 31, 2025 and 2024, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
                   

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

      As of March 31,
    Average reserve per default:   2025     2024
      (In Thousands)
    Case(1) $ 20.3   $ 22.9
    IBNR(1)(2)   1.8     2.0
    Total $ 22.1   $ 24.9
               
    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.
               

     The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Thousands)
    Available assets $ 3,230,653   $ 3,108,211   $ 2,821,803
    Net risk-based required assets   1,867,414     1,828,807     1,561,655
                     

    The MIL Network –

  • MIL-OSI: EXL Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
    Q1 Diluted EPS (GAAP) (1)of $0.40, up 38.3% from $0.29 in Q1 of 2024
    Q1 Adjusted Diluted EPS (Non-GAAP) (1)of $0.48, up 26.9% from $0.38 in Q1 of 2024

    NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

    Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

    Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

    ______________________________________________________________

    1. Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

    Financial Highlights: First Quarter 2025

    • Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.
        Revenue   Gross Margin
        Three months ended   Three months ended
    Reportable Segments (1)   March 31, 2025   March 31, 2024   March 31, 2025   March 31, 2024
        (dollars in millions)        
    Insurance   $ 172.0   $ 158.3   36.6 %   33.8 %
    Healthcare and Life Sciences     125.6     100.7   43.9 %   45.3 %
    Banking, Capital Markets and Diversified Industries     117.7     103.2   37.3 %   36.1 %
    International Growth Markets     85.7     74.3   36.6 %   35.9 %
    Total Revenue, net   $ 501.0   $ 436.5   38.6 %   37.4 %
     

    (1) In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

    • Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
    • Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

    Business Highlights: First Quarter 2025

    • Won 10 new clients in the first quarter of 2025.
      • Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
      • Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
      • Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

    2025 Guidance
    Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

    • Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
    • Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

    Conference Call

    ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

    Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

    About ExlService Holdings, Inc.
    EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (In thousands, except per share amount and share count)
     
      Three months ended March 31,
        2025       2024  
    Revenues, net $ 501,019     $ 436,507  
    Cost of revenues (1)   307,705       273,424  
    Gross profit (1)   193,314       163,083  
    Operating expenses:      
    General and administrative expenses   59,417       53,243  
    Selling and marketing expenses   41,925       35,970  
    Depreciation and amortization expense   13,557       12,346  
    Total operating expenses   114,899       101,559  
    Income from operations   78,415       61,524  
    Foreign exchange gain, net   1,192       359  
    Interest expense   (4,144 )     (3,291 )
    Other income, net   4,703       3,952  
    Income before income tax expense and earnings from equity affiliates   80,166       62,544  
    Income tax expense   13,496       13,753  
    Income before earnings from equity affiliates   66,670       48,791  
    Loss from equity-method investment   (109 )     (28 )
    Net income $ 66,561     $ 48,763  
    Earnings per share:      
    Basic $ 0.41     $ 0.30  
    Diluted $ 0.40     $ 0.29  
    Weighted-average number of shares used in computing earnings per share:      
    Basic   162,490,179       165,082,387  
    Diluted   164,557,333       166,726,853  

    (1) Exclusive of depreciation and amortization expense.

    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands, except per share amount and share count)
     
        As of
        March 31, 2025   December 31, 2024
             
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 140,442     $ 153,355  
    Short-term investments     190,978       187,223  
    Restricted cash     9,826       9,972  
    Accounts receivable, net     339,856       304,322  
    Other current assets     150,203       140,317  
    Total current assets     831,305       795,189  
    Property and equipment, net     107,148       101,837  
    Operating lease right-of-use assets     71,150       68,784  
    Restricted cash     8,210       8,071  
    Deferred tax assets, net     109,953       104,747  
    Goodwill     420,494       420,387  
    Other intangible assets, net     46,092       49,331  
    Long-term investments     20,134       13,972  
    Other assets     61,925       56,085  
    Total assets   $ 1,676,411     $ 1,618,403  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 5,648     $ 5,884  
    Current portion of long-term borrowings     4,886       4,886  
    Deferred revenue     20,138       19,264  
    Accrued employee costs     63,575       129,994  
    Accrued expenses and other current liabilities     131,980       113,597  
    Current portion of operating lease liabilities     17,426       16,491  
    Total current liabilities     243,653       290,116  
    Long-term borrowings, less current portion     302,377       283,598  
    Operating lease liabilities, less current portion     61,408       59,851  
    Deferred tax liabilities, net     1,625       1,403  
    Other non-current liabilities     55,471       53,573  
    Total liabilities     664,534       688,541  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued     —       —  
    Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024     207       206  
    Additional paid-in capital     609,592       588,583  
    Retained earnings     1,348,521       1,281,960  
    Accumulated other comprehensive loss     (142,787 )     (154,722 )
    Total including shares held in treasury     1,815,533       1,716,027  
    Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost     (803,656 )     (786,165 )
    Total Stockholders’ equity     1,011,877       929,862  
    Total liabilities and stockholders’ equity   $ 1,676,411     $ 1,618,403  
     

    EXLSERVICE HOLDINGS, INC.

    Reconciliation of Adjusted Financial Measures to GAAP Measures

    In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

    (i) Adjusted operating income and adjusted operating income margin;
    (ii) Adjusted EBITDA and adjusted EBITDA margin;
    (iii) Adjusted net income and adjusted diluted earnings per share; and
    (iv) Revenue growth on constant currency basis.

    These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

    EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

    A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

    EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

    The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

    Reconciliation of Adjusted Operating Income and Adjusted EBITDA
    (Amounts in thousands)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net Income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Income tax expense     13,496       13,753       19,850  
    add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net     (1,642 )     (992 )     720  
    Income from operations (GAAP)   $ 78,415     $ 61,524     $ 71,242  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    Adjusted operating income (Non-GAAP)   $ 100,848     $ 82,456     $ 90,745  
    Adjusted operating income margin as a % of Revenue (Non-GAAP)     20.1 %     18.9 %     18.8 %
    add: Depreciation on long-lived assets     10,311       9,266       12,140  
    Adjusted EBITDA (Non-GAAP)   $ 111,159     $ 91,722     $ 102,885  
    Adjusted EBITDA margin as a % of revenue (Non-GAAP)     22.2 %     21.0 %     21.4 %
     
    Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
    (Amounts in thousands, except per share data)
     
        Three months ended
        March 31,   December 31,
          2025       2024       2024  
    Net income (GAAP)   $ 66,561     $ 48,763     $ 50,672  
    add: Stock-based compensation expense     19,187       17,852       15,479  
    add: Amortization of acquisition-related intangibles     3,246       3,080       4,024  
    add/(subtract): Changes in fair value of contingent consideration     —       (589 )     —  
    add/(subtract): Other tax expense/(benefits) (a)     —       151       3,860  
    subtract: Tax impact on stock-based compensation expense (b)     (9,105 )     (5,358 )     (1,769 )
    subtract: Tax impact on amortization of acquisition-related intangibles     (799 )     (766 )     (921 )
    Adjusted net income (Non-GAAP)   $ 79,090     $ 63,133     $ 71,345  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.48     $ 0.38     $ 0.44  
     

    (a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

    (b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

    Contacts:
    Investor Relations
    John Kristoff
    Vice President, Investor Relations
    +1 212 209 4613
    ir@exlservice.com

    Media – US
    Keith Little
    Assistant Vice President, Media Relations
    +1 703 598 0980
    media.relations@exlservice.com

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

    The MIL Network –