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Category: Canada

  • MIL-OSI Global: How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia

    Source: The Conversation – Canada – By Bianca Mabute-Louie, Sociology PhD candidate, Rice University

    This article is adapted from UNASSIMILABLE: An Asian Diasporic Manifesto for the 21st Century by Bianca Mabute-Louie (HarperCollins, January 2025).

    I grew up in San Gabriel Valley — also referred to as SGV or the 626. SGV is an ethnoburb — an ethnic enclave — that grew out of the 1970s, with its own economy and ecosystem that includes banks, grocery stores, hair salons and restaurants.

    Since many early Asian immigrants to this country were barred from accessing white institutions, working together to build and protect this ethnic ecosystem was a matter of survival and necessity.

    Wei Li, a Chinese American geographer, first proposed the term “ethnoburb” to describe the hybridity of ethnic enclaves and middle-class suburbs: suburban ethnic clusters of people and businesses.

    The ethnoburb demonstrates that we can create our own power and belonging — without learning English, without participating in white institutions, and Americanizing. It is a communal endeavour, one that requires everybody’s imagination and care.

    The ‘Chinese Beverly Hills’

    Fuelled by foreign capital, ethnoburb immigrants redefined the entire landscape of the suburb and instigated an economic boom. The growth of Chinese American banking institutions, along with the political and economic factors that prompted the migration of wealthy ethnic Chinese from Taiwan and Hong Kong, played an important role in facilitating the Chinese economic growth in Monterey Park, a city in San Gabriel Valley.

    With their resources, Chinese immigrants bought homes and started businesses with distinct Chinese and Vietnamese language signs to cater to fellow Asian transplants. Valley Boulevard, which runs through 10 cities in San Gabriel Valley, became home to Asian-owned malls, commercial plazas, office complexes, shops, hotels and industrial plants, often with trilingual signage in Chinese, Vietnamese and English.

    Asian immigrants transformed neglected strip malls into prosperous Asian marketplaces and forged a sense of permanence and community. Monterey Park, and eventually the rest of San Gabriel valley, began to be referred to as “Little Taipei” or the “Chinese Beverly Hills” by journalists and Chinese diasporic media.

    By the 1980s, Monterey Park was known as “the first suburban Chinatown,” converting San Gabriel Valley from predominantly white suburbs into an Asian-majority ecosystem with a conspicuous and diverse first-generation, unassimilated immigrant presence.

    Bypassing urban Chinatowns for the suburbs

    The ethnoburb troubles the American construction of the suburbs as static sites of whiteness and socioeconomic mobility.

    The majority of new immigrants, especially those with resources, bypassed urban ethnic enclaves like Chinatown that previously served as immigrant gateway cities and settled immediately into suburbs instead.

    Min Zhou, a professor of sociology and Asian American Studies at UCLA, argues that the deliberate preservation of ethnic values, ties and institutions is what actually acclimates non-white immigrants to the U.S.

    Zhou also says the direct insertion of new Asian immigrants into traditionally white middle-class suburbs offends the conventional understanding of immigration and assimilation. Ethnoburb immigrants were non-white, didn’t always speak English, made considerably less effort to acculturate into whiteness, and many of them were already educated and affluent. They broke the bounds of the American imagination of an immigrant.

    In addition to higher levels of education and incomes, many ethnoburb immigrants also possessed expansive and transnational social networks that shaped their reluctance to acculturate. They did not need to learn English or go through the ethnic enclave to reach a middle-class dream of financial stability.

    The ethnoburb was not a “staging ground” for somewhere better or whiter. The ethnoburb was the final desired destination.

    In actuality, contrary to popular conceptions, the ethnoburb was not apolitical or insular at all. It was and remains a site of resistance against the confining, white imagination of suburbia. With the emergence of Monterey Park as an Asian ethnoburb, questions over group identity, spatial boundaries, and the character of Monterey Park became politicized.

    White hostility in an ‘all-American’ city

    Nativist white residents were at the forefront of erecting boundaries of belonging that stigmatized first-generation immigrants. In addition to Asian businesses changing the esthetic and cultural identity of Monterey Park, Asian immigrants took on local politics. This direct insertion of unassimilated Asian immigrants into traditionally white suburbs and its institutions troubled conventional American understandings of who an immigrant is, the norms they should follow, and how they should behave.

    Lily Lee Chen’s official portrait as mayor of Monterey Park, California, 1983. The Huntington Library, Art Museum, and Botanical Gardens.

    On Nov. 8, 1983, Lily Lee Chen, a first-generation immigrant from Taiwan, was inaugurated in Monterey Park as the first Chinese American mayor in the nation. Chen was relatable, charismatic, and not assimilated. The Los Angeles Times described Chen’s speech as “accented with pauses and grammatical errors, characteristic of someone speaking in their second language.”

    In another Times article from 1985, Chen told the reporter that she enjoyed dressing in bright reds and jade greens, despite being told by her consultant to look more subdued because her bright colours made her appear “aggressive.” During her campaign, she was met with fierce resistance from white residents, who commonly took down her neighbourhood campaign signs.

    As a response, Chen worked tirelessly on voter engagement among Asian Americans and Latinos, publishing multilingual voter handbooks, registering voters, and building relationships with ethnic communities, including working with Cesar Chavez to support the Latinos in Southern California.

    The same year as Chen’s election, Monterey Park’s five-member city council became multiethnic, with two Mexican Americans, one Filipino American, one Chinese American, and one white council member.

    As Monterey Park became touted as a “successful suburban melting pot” by journalists and even won an “All-American City” award in 1985 for its civic engagement and racial diversity, white flight accelerated and resentment festered among the minority of white residents.

    The large influx and increasing influence of Chinese immigrants over a short period of time caused racial tension to build, with mounting struggles over cultural differences, language barriers, and explicit mistrust of immigrants. Chinese businesses, political candidates, religious institutions, and entrepreneurs became racialized targets of nativist animus.

    A particularly contentious conflict emerged over the proliferation of business signs in languages other than English. In 1986, white hostility among the remaining white residents swept the council members of colour out of office, and replaced them with three long-established white residents, who promptly launched an anti-immigrant, “English-only” campaign attacking the proliferation of business signage in Chinese.

    A scene from the 2010 play by Annette Lee about the English only movement from the 80s. 17-year-old Scarlett Wong, an ‘all-American teenager’ struggles with her neighbors who don’t speak English.
    Angry Asian Man/Annette Lee

    The “English-only” movement in Monterey Park reflects the struggle to control the identity and narrative of a built environment. It represents the tension between America’s idea of how immigrants should assimilate, and how ethnoburb immigrants instead created their own unassimilable institutions and communities.

    Frank Arcuri, one of the Monterey Park residents and community activists who started the “English-only” petition campaign, insisted, “Immigrants are welcome here, but they must realize that English is the language we use in America… They must realize they are making a negative impact on our city. They must adapt to our ways. They must use our language and respect our culture.”

    The nativist, inflammatory rhetoric Arcuri employed to speak about immigrants is as American as apple pie, comparable to replacement theory touted by white nationalist conspiracists today.

    The English-only conflict illustrates the deeper, ideological tensions behind an increasingly diverse and polyglot constituency, composed of politically active immigrants, and nostalgic white residents desperately (and at times violently) clinging on to institutional power and a homogeneous past.

    Asian immigrants defied assimilation theories

    Traditionally, sociologists of immigration and assimilation theorists believed that all immigrant groups would eventually assimilate and integrate into white Protestant American institutions, culture, and society. They argued that doing so would be in the best interests of immigrants. They were also all white scholars. For the most part, what they theorized was true for European immigrants.

    However, Asian immigrants in the ethnoburb remained proudly unassimilable and trans-national. While the ethnoburb was their final destination, they maintained diasporic ties. Many with socioeconomic privilege shuttled back and forth to their home countries.

    It is our diasporic connections to our motherlands and our ethnic communities, not necessarily our assimilation into whiteness, that help us thrive in the U.S.

    Bianca Mabute-Louie is affiliated with Asian Texans for Justice.

    – ref. How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia – https://theconversation.com/how-asian-immigrants-to-the-u-s-resisted-pressures-to-assimilate-creating-a-vibrant-american-suburbia-247184

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Advancing midwifery access in Alberta

    As of January 2025, 181 midwives were practising across the province, reflecting a 26 per cent increase from 2020. Midwives play a crucial role in improving health outcomes for women, newborns and families by bringing maternal care closer to home. They build strong relationships with families, provide emotional support, help manage pregnancy risks and make referrals when needed.

    Alberta’s government is committed to ensuring Albertans can access high-quality maternal health care anywhere in the province. To help achieve this goal, $10 million is being invested over three years to implement the comprehensive new Alberta Midwifery Strategy.

    “Midwives play an important role in delivering primary health care to Albertans. Our goal is to continue leading the way in women’s and children’s health programs, and implementing initiatives through our midwifery strategy is an important part of achieving this goal.”

    Adriana LaGrange, Minister of Health

    The midwifery strategy outlines short-, medium-, and long-term goals to strengthen care and support midwifery pathways to practice. In the short term, the focus is on enhancing care for Indigenous populations through provider and community engagement. Medium-term efforts aim to address midwifery attrition and identify the supports needed to sustain the workforce. Long term, the strategy seeks to formalize guidelines and processes to integrate midwifery practice while monitoring supply and demand.

    First Nations, Métis and Inuit families have emphasized that increased access to midwifery services is critical, especially in rural and remote areas of the province. They believe that improved midwifery access will help to address physical, emotional and cultural barriers that affect health outcomes for mothers, babies and communities.

    “Implementing this strategy will support midwifery practice and improve rural Albertans’ access to the maternity services they need.”

    Martin Long, parliamentary secretary for rural health

    Funding will support engagement with Indigenous communities and birth workers, pilot innovative projects within Indigenous populations, assess data gaps and develop resources to provide midwifery services effectively. Additionally, it will help attract and retain internationally educated midwives and promote the integration of midwifery practice in team-based primary care. 

    “The Alberta Association of Midwives values the government’s commitment to supporting midwifery in Alberta through the provincial midwifery strategy. We look forward to collaborating on initiatives to grow and sustain midwifery in our province.”

    Marita Obst, president, Alberta Association of Midwives

    Midwifery services are in high demand across Alberta, and Alberta’s government recognizes the need to expand options and improve access to maternal care. This strategy will help ensure families receive the care they need, when and where they need it.

    Quick facts

    • Alberta’s government is investing $2 million for midwifery projects in 2024-25, followed by $3 million in 2025-26 and $5 million in 2026-27.
    • Alberta’s government worked with the Alberta Association of Midwives, the College of Midwives of Alberta, Mount Royal University, Alberta Health Services and internal stakeholders to develop the midwifery strategy.  
    • Midwifery is a publicly funded service in Alberta.
    • Midwives are regulated by the College of Midwives of Alberta under the Health Professions Act and must complete formal education in midwifery and pass written and practical examinations before practising in Alberta.
    • Midwives provide comprehensive care to individuals with low-risk pregnancies through labour and birth, continuing to support the health and safety of mothers and babies until six weeks after birth.

    Related information

    • Alberta Midwifery Strategy
    • Minister of Health 2023 mandate letter 

    Related news

    • Investing in women’s and children’s health (May 3, 2024)

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan Leads Western Canada in Key Health Workforce Study

    Source: Government of Canada regional news

    Released on February 13, 2025

    Numbers show higher than national and regional average staffing levels in nursing, and paramedics

    The Government of Saskatchewan’s strategy to increase the health care workforce is showing results. Health care staffing numbers in Saskatchewan rank higher than the five-year national and western Canadian average in several key categories, as recently released by the Canadian Institute for Health Information (CIHI) and other sources.

    “There are many reasons for Saskatchewan residents to have confidence, as we strive to ensure our province is a desired place for health-care professionals to work and build a career,” Health Minister Jeremy Cockrill said. “As we train and recruit more staff to work here, we continue building capacity that meets or exceeds regional and national levels.”

    According to CIHI’s Health Workforce in Canada Overview, Saskatchewan had the highest per capita numbers of regulated nursing professionals in western Canada every year between 2019 and 2023. Saskatchewan’s 2023 rate of 1,384 nursing professionals per 100,000 people was higher than both the Western Canadian and Canadian averages of 1,188 and 1,192 respectively. Over the past five years, Saskatchewan has added 1,056 more nursing professionals to its workforce, or a 6.7 per cent increase.

    Saskatchewan’s Registered Nurses (RN) rates per 100,000 residents rose to 973 in 2023, up from 940 in 2019, a 3.5 per cent increase. The 2023 per capita RN numbers are considerably higher than the national average of 803, and the western average of 810. Saskatchewan is continuing work to increase those rates by adding capacity in training programs, and targeted efforts in recruitment programs. These per capita rates from CIHI are validated by licensing numbers published by the College of Registered Nurses of Saskatchewan that show a nearly 18 per cent increase in licensed RNs between 2018 and 2023.

    We are also seeing a per capita increase in Saskatchewan’s Licensed Practical Nurses (LPNs) from 318 in 2019 to 324 in 2023, a rate that is expected to grow even further with recent increases in training capacity. Saskatchewan’s 2023 per capita LPNs is also above the western Canadian average of 309.

    Provincial data shows nursing training and recruitment efforts are working. From December 2022 to June 2024, the Saskatchewan Health Authority has hired more than 1,400 in-and-out-of-province nursing graduates.  

    CIHI’s release also reports that in 2023, there were 200 paramedics in Saskatchewan per 100,000, a 19.5 per cent increase from 2019. That 2023 rate for Saskatchewan led all western provinces and was more than double the national average.

    In addition, incentive programs geared to attract physician specialists to Saskatchewan is showing results. Over the past five years, rates increased by 7.1 per cent to 103.1 per 100,000. More can be expected through an increase in residency seats, as well as incentive programs offering up to $200,000 to new physicians practicing in qualifying communities.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Water Security Agency Releases Preliminary Runoff Report – Conditions Improve Across The Province

    Source: Government of Canada regional news

    Released on February 13, 2025

    Today, the Water Security Agency (WSA) released the preliminary spring runoff report for 2025. 

    While much of Saskatchewan experienced below-normal precipitation, leading to dry conditions at freeze-up last fall, overall conditions improved compared to last year. Most major reservoirs in southern Saskatchewan are at or above normal levels and are expected to be near normal levels following spring runoff.

    Winter precipitation has been variable across the province, ranging from below normal in south-central and northern Saskatchewan, to above normal in parts of the southwest and west central portions of the province.

    Currently, Lake Diefenbaker, the province’s main water supply, is above normal levels for this time of year and inflows this winter have been near normal. 

    “In anticipation of potential below normal runoff from the alpine region, WSA has implemented an overwinter operating plan at Lake Diefenbaker that still focuses on retaining water supplies to ensure safe, reliable drinking water for communities and other users,” Minister Responsible for the Water Security Agency Daryl Harrison said.

    A more complete assessment of potential runoff conditions will be available after snowpack survey data is gathered later in February. Snowpack data, collected from over 100 locations across the province, provides a comprehensive view of moisture conditions, helping to refine runoff forecasts and water management decisions.

    Parts of southern and central Saskatchewan are expected to see an above normal runoff response as a result of an above normal snowpack in combination with wetter fall conditions. Below normal conditions continue in northern Saskatchewan and the south- and east-central parts of the province.

    In the Souris Basin, reservoirs are projected to remain within normal operating ranges. All lakes within the Qu’Appelle River Basin are expected to remain in the normal operating ranges.

    WSA will continue to monitor and report on conditions as they develop.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: Pipe Continues International Expansion to Canada Through Partnership with Housecall Pro

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO and SAN DIEGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced its expansion to Canada through a partnership with Housecall Pro, the go-to software platform for over 45,000 home service companies. Together, the two companies are dramatically improving financial access for the industry by delivering Pipe’s embedded capital through the Housecall Pro platform. The move accelerates Pipe’s strategy of providing capital access to SMBs globally from within the software they already use to run their businesses. With this expansion, Pipe is now live in the U.S., the UK, and Canada, with additional geographies planned in the near future.

    According to a recent study1, 87% of Canadian SMBs are confident in their performance, yet two-thirds struggle with cash flow, and many lack access to capital, hindering their growth and expansion. The situation in Canada is consistent with SMB markets in the United States and the UK, where Pipe Capital is being adopted rapidly to fill the hole left by banks and other traditional capital providers.

    Housecall Pro offers an industry-leading SaaS operating platform combined with modern financial services to help home service professionals, or “Pros,” run all aspects of their business. Traditionally, businesses like the ones served by Housecall Pro have struggled to access the financing needed to grow — running into long application processes, credit checks, and excessive paperwork. With Pipe Capital, Housecall Pro can surface personalized offers to Pros embedded in the same platform they use to run their business. Through the partnership, Pipe is able to assess risk and deliver personalized offers to Pros based on live platform data on revenue streams, cash flow, and business performance.

    Key capabilities of the embedded offering in the Housecall Pro platform include:

    • Customer-friendly financing without requiring credit checks or personal guarantees. No minimum monthly payments are required, and payments align with a Pro’s revenue.
    • Multiple ways to top up and boost financing offers, delivering similar benefits to a line of credit.
    • Access to capital in a few clicks with tailored go-to-market support.

    “At Housecall Pro, we are dedicated to giving home service businesses the tools and resources they need to thrive and grow. Pipe’s customer-friendly capital solution aligns well with that mission,” said Valentina Durand, VP Strategy & Growth, Housecall Pro. “By offering our Canadian customers easy access to capital based on their present and future revenue, we’re helping them knock down common financial hurdles and invest in their growth. This streamlined solution increases our value proposition for customers, increases satisfaction and loyalty for Housecall Pro, and strengthens our position as a leading platform for home service professionals.”

    “By partnering with an industry leader like Housecall Pro in Canada, we’re continuing to expand our global footprint to reach hundreds of thousands of small businesses that need capital to achieve their entrepreneurial dreams,” said Luke Voiles, CEO, Pipe. “The home services industry has historically been underserved by traditional financial organizations. Combining Housecall Pro’s unmatched technology and expertise in supporting this market with Pipe’s tailored risk models, together we’re able to provide the capital these SMBs need to grow and prosper.”

    About Pipe
    Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit www.pipe.com or follow us on X @pipe.

    About Housecall Pro
    Housecall Pro is a top-rated business solution that helps home service professionals save time, sell bigger jobs, and provide best-in-class service. With easy-to-use tools for scheduling, dispatching, payments, and more, Housecall Pro enables Pros to manage every aspect of their business all in one place. The software is available through a mobile app and web portal for Pros across the United States and Canada. Founded in 2013, Housecall Pro has been championing Pros through streamlined solutions and strong community support for over nine years. Housecall Pro’s brand portfolio includes BuildBook, construction management software for builders and remodelers, and CONQUER, a business coaching solution for home service businesses.

    Media Contact
    Merrill Freund
    merrill@freundpr.com

    _____________________

    1 “State of SMB Finance in Canada” survey, conducted at the close of Q3 2024 by Float Financial

    The MIL Network –

  • MIL-OSI Security: Humboldt — Humboldt RCMP: male arrested after assault with a machete

    Source: Royal Canadian Mounted Police

    On February 6, 2025 at approximately 11:35 p.m., Humboldt RCMP received a report of an assault in a business parking lot in Humboldt, SK.

    Officers responded along with local EMS. Investigation determined an adult male, who was armed with a machete, approached two other males in the parking lot. The two groups were not known to each other. During their interaction, one of the adult males was injured. The injured adult male was transported to hospital with injuries described as serious in nature. We do not have an update on his condition.

    As a result of investigation, on February 7, officers located the adult male suspect in a parked vehicle on a rural property near Humboldt, SK. Officers approached the vehicle and determined the adult male was armed with a hatchet. The male threatened self-harm, also threatening police. Officers deployed a conducted energy device and the male was arrested. The male was taken to hospital with what were described as non-life threatening injuries.

    48-year-old Dominic O’Rourke from Humboldt, SK is charged with:

    • one count, assault with a weapon, Section 267(a), Criminal Code;
    • one count, assault on peace officer with a weapon, Section 270.01(1)(a), Criminal Code; and
    • one count, possession of a weapon for a dangerous purpose, Section 88(1), Criminal Code.

    Dominic O’Rourke is scheduled to appear in court in Humboldt on March 3, 2025.

    MIL Security OSI –

  • MIL-OSI Global: Eight of the most romantic poems to read to your love this Valentine’s Day

    Source: The Conversation – UK – By Ellen Howley, Assistant Professor in the School of English, DCU, Dublin City University

    Grinbox/Shutterstock

    For many of us, the run-up to Valentine’s Day is spent seeking out the least cringe-worthy card in the shop to gift to our significant other, and show them how we really feel. But, unfortunately, Hallmark rhymes rarely mine the depths of love and desire.

    So, if you’re looking for the perfect words for your loved one this year, why not share one of these poems, which attempt to express the wonder and complexities of romantic love.

    1. Sonnet 106 by William Shakespeare (1609)

    Portrait of William Shakespeare by John Taylor (1611).
    National Portrait Gallery

    If you make a list of love poems, you’re obliged to include a Shakespearean sonnet, so I’ll start with a lesser known one, Sonnet 106.

    In the poem, the bard compares the beauty of his lover to ancient poems that described beautiful knights and ladies. He declares that these older writers must have been prophets to know his lover’s true beauty. In fact, his lover is even more beautiful than these descriptions because the poets “had not skill enough your worth to sing”.

    Here, Shakespeare addresses a problem that has plagued love poets throughout the ages: how to write of the love and beauty they feel and see when words may never match up.

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    2. From the Irish by Ian Duhig (1997)

    British-Irish poet, Ian Duhig confronts the same problem as Shakespeare in From the Irish. It is a poem that thinks as much about language as it does about love, but resolves in a sincere but frustrated attempt to tell his lover how he feels.

    In trying to be precise in his use of language, he ends up telling his lover that their face “is like a slice of half-boiled turnip”.

    This attempt to compare his lover’s face to the moon is not an insult, but instead part of his serious attempt to, as he says, “love you properly, according to Dinneen”.

    3. Heart to Heart by Rita Dove (2004)

    Rita Dove’s Heart to Heart likewise contemplates the relationship between love and language. In the poem, Dove, the former US poet laureate dismisses the clichéd ways in which we talk about the heart:

    It doesn’t melt

    or turn over,

    break or harden.

    The poet cannot tell her lover from “the bottom of it / how I feel” but gives it to them all the same.

    Rita Dove reads her poem Heart to Heart.

    4. He Seemed to Me Equal to the Gods by Sappho (translated by Anne Carson in 2002)

    Closely aligned to the theme of romantic love is that of desire, and across the centuries poets have written about the torture of yearning. The Greek poet Sappho knew this even 2,600 years ago. Women are the objects of desire in her erotic poetry.

    Sappho by Enrique Simonet (1864).
    Wiki Commons

    This poem, translated by the Canadian poet, Anne Carson, finds the poet watching her lover, which, says Sappho, “puts the heart in my chest on wings” but also renders her speechless. She describes the intensity and agony of desire:

    fire is racing under skin

    and in eyes no sight and drumming

    fills ears.

    These lines are a surviving fragment of a larger, lost poem, so what the poet might have “dared” at the end remains a mystery.

    5. His Mistress Going to Bed by John Donne (circa 1590)

    John Donne by Isaac Oliver (1622).
    National Portrait Gallery

    Perhaps more daring is John Donne’s His Mistress Going to Bed. Donne, an English poet who began writing in the 16th century, is considered one of the great love poets.

    His Mistress Going to Bed is his attempt at seduction, undressing his lover across the poem’s lines: “Now off with those shoes, and then safely tread / In this love’s hallow’d temple, this soft bed.” The sexual act is seen as one of union: “As souls unbodied, bodies uncloth’d must be, / To taste whole joys.”

    So prepared is the poet, we discover by the poem’s end, that he is already naked and ready to go to bed with his love.

    6. Poem II by Adrienne Rich (1978)

    As partnerships evolve, the initial intensity of sexual passion morphs into a more everyday, although no less exciting kind of love.

    Poem II from Adrienne Rich’s sequence Twenty-One Love Poems describes the poet waking in her lover’s bed following a dream. She tenderly writes: “You’ve kissed my hair / to wake me.”

    Adrienne Rich (right) with Audre Lorde (left) and Meridel Lesueur in 1980.
    K. Kendall/flickr, CC BY

    The poem is a warm and intimate portrait of the love between two women, with Rich declaring:

    I laugh and fall dreaming again

    or the desire to show you to everyone I love,

    to move openly together.

    In this, the poet acknowledges the ease and depth of her love but also makes subtle reference to the lack of acceptance of homosexual relationships in the 1970s, when the poems were first published.

    7. An Amish Rug by Michael Longley (1991)

    Michael Longley, the Irish poet who passed away in January, presents a similarly private scene of an established relationship in his poem, An Amish Rug.

    Describing the handmade rug he gifts to his wife, the poet contrasts the simplicity of the Amish lifestyle with its vivid woven colours.

    If hung on the wall, the rug will become a stained-glass “cathedral window”. Or, it may be placed on the floor so that “whenever we undress for sleep or love / We shall step over it as over a flowerbed”.

    There’s a Valentine’s gift to live up to.

    8. The Orange by Wendy Cope (1992)

    Wendy Cope’s The Orange almost unexpectedly turn into a love poem, as the poet describes the increasing “peace and contentment” that comes from sharing a “huge orange” with her colleagues. This, she says, “made me so happy, / As ordinary things often do”.

    The Orange by Wendy Cope.

    Its description of a lovely but ordinary day ends with the affirming line “I love you. I’m glad I exist,” revealing that profound reflections can come from small moments.

    Ellen Howley 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. Eight of the most romantic poems to read to your love this Valentine’s Day – https://theconversation.com/eight-of-the-most-romantic-poems-to-read-to-your-love-this-valentines-day-248479

    MIL OSI – Global Reports –

  • MIL-OSI USA: Petroleum liquids supply growth driven by non-OPEC+ countries in 2025 and 2026

    Source: US Energy Information Administration

    In-depth analysis

    February 13, 2025

    We forecast that worldwide production of petroleum and other liquids in 2025 and 2026 will grow more in non-OPEC+ countries than in OPEC+ countries in our February Short-Term Energy Outlook (STEO). We estimate that total world petroleum and other liquids supply increased by about 0.6 million barrels per day (b/d) in 2024 and will increase by 1.9 million b/d in 2025 and 1.6 million b/d in 2026. Increasing crude oil production from four countries in the Americas—the United States, Guyana, Canada, and Brazil—drives this growth. Because of ongoing production restraint among OPEC+ countries, we forecast the group’s production to grow by 0.1 million b/d in 2025 and 0.6 million b/d in 2026.

    Global petroleum liquids production outside of OPEC+ grew by 1.8 million b/d in 2024 and grows by 1.8 million b/d in 2025 and 1.0 million b/d in 2026 in our forecast. We forecast production will grow from 2024 to 2026 by 0.5 million b/d in Canada, 0.3 million b/d in Guyana, and 0.3 million b/d in Brazil. Most of the forecast growth comes from the United States, where we expect production to grow by 1.1 million b/d over the same period.

    The United States continues to produce more crude oil and petroleum liquids than any other country. U.S. crude oil production increased to 13.2 million b/d in 2024 due partly to improved efficiency with fewer rigs. We expect production of petroleum liquids in the United States to increase by 0.6 million b/d in 2025 and by 0.5 million b/d in 2026. The Permian region accounts for about 50% of U.S. crude oil production of 13.7 million b/d in 2026 in our forecast. Further, the growth in the Permian offsets contractions in other regions.

    In 2024, Canada was the fourth-largest oil producing nation, trailing only the United States, Saudi Arabia, and Russia. We forecast production of petroleum and other liquids to grow in Canada by 0.3 million b/d in 2025 and 0.2 million b/d in 2026, starting at 6.0 million b/d in 2024. Production growth in Canada is supported by the start-up of the Trans Mountain Pipeline expansion that transports oil to Canada’s West Coast for access to export markets from landlocked Alberta.

    We expect producers in Brazil to add new Floating Production Storage and Offloading (FPSO) units to existing fields in the Santos Basin. The Alexandre de Gusmão will be the fifth FPSO installed at the Mero field and will begin production in mid-2025. Also in 2025, the FPSOs Almirante Tamandaré and P-78 in the Búzios field in the Santos Basin plan to begin operations. We forecast that these new projects will increase petroleum liquids production in Brazil by 0.1 million b/d in 2025 and 0.2 million b/d in 2026.

    We forecast that petroleum liquids production in Guyana will increase by 0.2 million b/d in 2025 and 0.1 million b/d in 2026, driven by the start-up of the Yellowtail project within the Stabroek block. The development of the Stabroek block includes three projects, Yellowtail, Uaru, and Whiptail, where we expect the combined production capacity to reach approximately 1.3 million b/d by the end of 2027.

    Production from OPEC+ members accounted for 47% (35.7 million b/d) of global crude oil production in 2024. We forecast that OPEC+ crude oil production will increase by 0.1 million b/d in 2025 as the group gradually increases production in line with the timeline agreed to at the meeting held in December 2024. In addition, the voluntary cuts of 2.2 million b/d that were announced in November 2023 will be extended until the end of March 2025 and then gradually phased out by the end of September 2026. The additional voluntary production cuts of 1.65 million b/d that were announced in April 2023 were extended until the end of December 2026.

    We expect OPEC+’s share of global oil production to decrease by one percentage point to 46% in 2025 and 2026, compared with 53% in 2016 when the expanded group was initially formed. OPEC’s surplus crude oil production capacity was 4.6 million b/d in 2024, 103% (2.3 million b/d) more than in 2019.

    Saudi Arabia is the largest oil producer in OPEC by volume, representing about a third of the group’s total supply. In 2024, Saudi Arabia produced 9.0 million b/d, down 13% (1.4 million b/d) compared with 2022—before OPEC+ announced the extension of its additional voluntary cuts.

    Among the OPEC+ members, Russia was the largest crude oil producer in 2024, averaging 9.2 million b/d. After Russia and Saudi Arabia, the largest producers by volume were Iraq (4.4 million b/d), the United Arab Emirates (2.9 million b/d), and Kuwait (2.5 million b/d).

    Principal contributor: Kenya Schott

    MIL OSI USA News –

  • MIL-OSI: Expand Energy Corporation Appoints Dan Turco Executive Vice President, Marketing & Commercial

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 13, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy”) today announced that Dan Turco has been appointed Executive Vice President, Marketing & Commercial, effective February 18, 2025.

    “With nearly two decades of experience in global upstream natural gas marketing and trading, Dan is a key addition to our team as we work to expand energy access to markets in need and grow our customer base to power, industrial and LNG markets,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “His leadership will be instrumental in building a world-class marketing organization to capitalize on our role as the leading natural gas producer in the United States.”

    “Expand Energy has a bold vision to address global energy insecurity, and I am honored to join the team as they lead the industry in this effort,” Turco said. “I believe this company, given its team, portfolio and financial strength, is uniquely positioned to deliver affordable, reliable, lower carbon energy to meet growing domestic and international demand.”

    Prior to joining Expand Energy, Mr. Turco spent nearly 20 years with ExxonMobil in various leadership roles in upstream natural gas marketing and trading, spanning LNG, U.S., Europe and Asia gas markets. Most recently, he served as Head of Global LNG Trading / Head of Asia Gas & Power Marketing in Singapore. Mr. Turco earned an MBA from Wilfrid Laurier University (Canada) and an Honors Bachelor of Applied Science, Civil Engineering & Management Science from the University of Waterloo (Canada).

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

    Forward-Looking Statements
    This press release includes “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. Forward-looking statements include, but are not limited to, statements relating to Expand Energy marketing organization and customer base, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Although Expand Energy’s management believes the expectations reflected in such forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Expand Energy’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause Expand Energy’s actual results to be materially different than those expressed in such forward-looking statements include commodity price volatility and other factors described in Expand Energy’s Annual Report on Form 10-K for the year ended December 31, 2023, Expand Energy’s Quarterly Reports on Form 10-Q and other documents that Expand Energy files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Expand Energy’s documents filed with the SEC that are available through Expand Energy’s website at www.expandenergy.com or through EDGAR at www.sec.gov. We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the date of the release, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risk and factors that may affect our business.

    INVESTOR CONTACT: MEDIA CONTACT:
    Chris Ayres Brooke Coe
    (405) 935-8870 (405) 935-8878
    ir@expandenergy.com media@expandenergy.com

    The MIL Network –

  • MIL-OSI: Enertiv and Voltus Unlock Valuable CRE Energy Usage Data, Provide Demand Response for Tenants

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Voltus, Inc. (Voltus), the leading distributed energy resource (DER) software platform and virtual power plant operator, and Enertiv, the operational intelligence platform for commercial real estate, announced today a strategic partnership that unlocks new demand response revenue opportunities for Enertiv’s commercial real estate customers, by integrating Voltus’s industry-leading demand response offering into Enertiv’s comprehensive platform.

    This partnership allows Enertiv’s customers to participate in Voltus’s demand response programs, earning revenue, reducing monthly electricity bills, and avoiding carbon emissions. The partnership also unlocks additional energy usage data for Enertiv’s customers, which they can then use to further improve their energy procurement and risk management strategies as well as advance sustainability goals within their portfolios.

    “This partnership is a game changer for both owners and their tenants,” said Connell McGill, CEO and Founder at Enertiv. “Capturing utility data for reporting is only the first step. The key to decarbonization across commercial real estate is to transform that data into value. Adding demand response to our existing landlord and tenant portals is a no-brainer, helping our customers and their tenants earn additional revenue while improving their sustainability.”

    The partnership is active across all wholesale markets in the U.S. and Canada. Landlords already signed up with Enertiv can integrate the Voltus platform, leveraging Enertiv’s device-level metering data to analyze and surface demand response opportunities, without the need for additional hardware installations.

    “Commercial buildings in the United States are responsible for 18% of the country’s greenhouse gas emissions. This partnership allows commercial real estate customers to comply with building regulations while creating new revenue streams,” said Dan Svejnar, SVP of Growth at Voltus.

    About Enertiv
    Enertiv is a SaaS platform built to decarbonize commercial real estate. By collecting and verifying real-time utility data, Enertiv maximizes data coverage, automates reporting, and delivers actionable energy-saving insights for landlords and tenants. The world’s largest real estate owners and operators, including Starwood Capital Group, Prologis, Panattoni, and Related, use Enertiv to power ESG reporting, asset optimization, and decarbonization. Learn more at www.enertiv.com.

    About Voltus
    Voltus is a leading DER technology platform and virtual power plant operator connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and DER partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.

    Media Contact
    Mona Khaldi
    press@voltus.co

    The MIL Network –

  • MIL-OSI: Abaxx Will Expand Battery Metals Product Suite with Launch of Lithium Carbonate Futures on March 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that it will be expanding its battery metals product suite with the launch of 3 regional physically-deliverable Lithium Carbonate futures on March 7, 2025.

    Abaxx Lithium Carbonate futures mark a significant development as the world’s first physically deliverable lithium carbonate contracts priced in US dollars. These new contracts provide market participants with standardized and globally accessible pricing benchmarks, better aligning trade flows with physical market realities. By introducing a reliable and transparent mechanism for price discovery, the contracts enhance participants’ ability to manage risk in an increasingly dynamic and critical market. Each regional contract is a US dollar-denominated, DAP contract representing 1 tonne of lithium carbonate and is deliverable at ports in either Singapore, Rotterdam, or Baltimore.

    “The launch of Abaxx’s Lithium Carbonate futures introduces much-needed, physically deliverable benchmarks that reflect real market conditions, providing traders with a precise hedging instrument and greater optionality in managing supply chains,” said Sacha Lifschitz, Director of Metals Markets at Abaxx Exchange. “With contracts deliverable in Singapore, Rotterdam, and Baltimore, we’re aligning with global trade flows to offer more effective risk management and price transparency in a rapidly evolving battery metals market.”

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: Abaxx’s objectives, goals or future plans; completion and timing of the launch of its lithium carbonate contracts; benefits of the introduction of its lithium carbonate contracts; introduction of new battery materials products; and, positive impacts from the growth of global battery metal demand. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third- party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI: Sidetrade announces alliance with Interpath

    Source: GlobeNewswire (MIL-OSI)

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, and Interpath, the international advisory firm, have announced an alliance relationship that has been designed to accelerate digital transformation efforts, empowering businesses to harness AI from Sidetrade’s dedicated Order-to-Cash Data Lake and adapt more effectively to the demands of a rapidly changing economy.

    Interpath is a fast-growing firm that supports clients with advisory and restructuring services and has operations in the UK, France, Ireland, Germany, Austria, Bermuda, Cayman Islands, BVI, and Algeria. The alliance with Sidetrade will support the firm’s continued growth and further enhance its ability to create, defend, preserve, sustain and grow value for its clients through working capital optimization. In turn, Sidetrade will be able to draw on Interpath’s advisory capabilities across a wide range of markets and channels to help more leadership teams transform their Order-to-Cash operations.

    Kevin Schafer, AVP Partners Europe, at Sidetrade, commented: “We are excited to join forces with Interpath to extend the reach of Aimie, Sidetrade’s AI assistant, to a wider spectrum of organizations. By combining Interpath’s industry expertise with our advanced technology, we are creating a powerful synergy to help businesses unlocking new efficiencies in optimizing working capital and driving sustainable cash flow growth.”

    The new alliance is set to reshape the way businesses tackle working capital challenges. It aims to empower organizations with digitally transformative solutions, delivering tangible results in an increasingly dynamic financial environment.

    Sidetrade has consistently been recognized as a leader in the global Order-to-Cash the market, thanks to its powerful AI technology powered by the Sidetrade Data Lake which processes $6.1 trillion in B2B payment transactions real-time daily in Sidetrade’s cloud to provide users with a unique market view. Sidetrade has been positioned as a Gartner® Magic Quadrant™ Leader since 2022. It was also named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment (doc #US51740924, December 2024).

    Hope Rosenbaum, Chief Growth Officer, Head of Alliances at Interpath, commented: “Sidetrade offers a world-class Order-to-Cash solution that leverages AI and cloud technology to make a transformational impact, complementing the work we do every day to help clients improve their financial performance and create value. The alliance couldn’t be timelier as businesses look for ways to make their cashflow work for them and find a more sustainable financial future. We look forward to working with Sidetrade as we leverage the technology and harness the expertise that we both hold to make a real difference for businesses we support across our international networks.”

    Gartner, Magic Quadrant for Invoice-to-Cash Applications, 6 May 2024, Tamara Shipley Et Al.
    Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
    GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

    Media relations @Sidetrade
    Becca Parlby               +44 7824 5055 84           bparlby@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain, Securitas, Sodexo, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business. 
    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn. 
    In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account

    Attachment

    The MIL Network –

  • MIL-OSI: Brookfield Wealth Solutions Announces Year End 2024 Results and Declares Quarterly Distribution Increase

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months and year ended December 31, 2024.

    Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our strong results for 2024 underscore our growth over the past year having doubled the size of the business in that time. Our scalable North American annuity platform, coupled with our leading investment capabilities, will serve as the foundation for our business as we expand internationally in 2025.”

    Unaudited
    As of and for the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Total assets $ 140,460     $ 61,643     $ 140,460     $ 61,643  
    Adjusted equity1   12,872       8,969       12,872       8,969  
    Distributable operating earnings1   427       258       1,374       745  
    Net income   576       453       1,247       797  
    Net income per each class A share $ 0.08     $ 0.07     $ 0.32     $ 0.28  

    1.   See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income and reconciliation from equity on page 5.

    2024 Highlights

    • Completed the acquisition of American Equity Investment Life Holding Company (“AEL”), doubling the size of our business
    • Deployed more than $17 billion across our investment portfolio at strong risk-adjusted returns
    • Generated $19 billion in annuity and pension risk transfer (“PRT”) sales across the business, consisting of approximately $14 billion of retail annuity sales, inclusive of a full twelve months of activity at AEL, and $5 billion of PRT deals
    • We closed our first U.K. reinsurance transaction, reinsuring £1.0 billion ($1.3 billion) of pension liabilities

    Operating Update
    We recognized $427 million and $1.4 billion of distributable operating earnings (“DOE”) for the three months and year ended December 31, 2024, respectively, compared to $258 million and $745 million in the prior year periods. The increase in earnings for the current period reflects contributions from our acquisition of AEL as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies. DOE further benefitted from strong annuity sales during the year.

    We recorded net income of $576 million and $1.2 billion for the three months and year ended December 31, 2024, respectively, compared to net income of $453 million and $797 million in the prior year periods. Net income in the current period is the result of strong operating performance and contributions from our DOE, as well as favorable movement on reserves due to interest rate and equity market movements.

    Today, we are in a strong liquidity position, with approximately $31 billion of cash and short-term liquid investments across our investment portfolios, and another $21 billion of long-term liquid investments. These liquid assets will support the ongoing rotation of our portfolio into higher yielding investment strategies, while ensuring we have sufficient liquidity coverage for our liabilities in the case of any stress events impacting the broader market.

    Regular Distribution Declaration
    The Board declared a 13% increase in the Company’s quarterly return of capital to $0.09 per class A share and class B share (representing $0.36 per annum), payable on March 31, 2025 to shareholders of record as at the close of business on March 14, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

    Brookfield Corporation Operating Results
    An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s fourth quarter and full year operating results is provided below:

    Unaudited
    For the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Net income of consolidated business1 $ 101     $ 3,134     $ 1,853     $ 5,105  
    Net income attributable to Brookfield shareholders2   432       699       641       1,130  
    Distributable earnings before realizations2,3   1,498       1,209       4,871       4,223  
    – Per Brookfield class A share2,3   0.94       0.76       3.07       2.66  
    Distributable earnings2,3   1,606       1,312       6,274       4,806  
    – Per Brookfield class A share2,3   1.01       0.83       3.96       3.03  

    1.   Consolidated basis – includes amounts attributable to non-controlling interests.
    2.   Excludes amounts attributable to non-controlling interests.
    3.   See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated February 13, 2025.

    Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

    CONSOLIDATED BALANCE SHEETS

    Unaudited     December 31
    		             December 31  
    (US$ millions)       2024               2023  
    Assets                  
                       
    Insurance invested assets                  
    Cash and cash equivalents $ 12,243         $ 4,308      
    Investments   92,966           39,838      
    Reinsurance funds withheld   1,517           7,248      
    Accrued investment income   860       107,586       280       51,674  
    Reinsurance recoverables and deposit assets       13,195               3,388  
            120,781               55,062  
                       
    Deferred policy acquisition costs       10,696               2,468  
    Other assets       8,983               4,113  
    Total assets       140,460               61,643  
                       
    Liabilities and equity                  
                       
    Policy and contract claims       7,659               7,288  
    Future policy benefits       14,088               9,813  
    Policyholders’ account balances       83,079               24,939  
    Deposit liabilities       1,502               1,577  
    Market risk benefits       3,655               89  
    Unearned premium reserve       1,843               2,056  
            111,826               45,762  
                       
    Corporate borrowings       1,022               1,706  
    Subsidiary borrowings       3,329               1,863  
    Funds withheld for reinsurance liabilities       3,392               83  
    Other liabilities       7,815               3,380  
                       
    Junior preferred shares       —               2,694  
    Non-controlling interest   850           146      
    Class A and class B   1,470           1,591      
    Class C   10,756       13,076       4,418       6,155  
    Total liabilities and equity     $ 140,460             $ 61,643  

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended December 31
    US$ millions    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Net premiums and other policy revenue $ 4,307     $ 1,432     $ 9,048     $ 4,550  
    Net investment income, including funds withheld   1,325       621       4,440       2,121  
    Net investment gains (losses), including funds withheld   115       176       615       241  
    Total revenues   5,747       2,229       14,103       6,912  
                   
    Benefits and claims paid on insurance contracts   (4,003 )     (1,194 )     (8,162 )     (3,939 )
    Interest sensitive contract benefits   (710 )     (355 )     (1,874 )     (687 )
    Amortization of deferred policy acquisition costs   (370 )     (180 )     (1,237 )     (632 )
    Changes in fair value of insurance-related derivatives and embedded derivatives   396       210       234       41  
    Changes in fair value of market risk benefits   299       85       (107 )     166  
    Other reinsurance expenses   (6 )     (5 )     (26 )     (21 )
    Operating expenses   (332 )     (244 )     (1,356 )     (777 )
    Interest expense   (96 )     (68 )     (362 )     (249 )
    Total benefits and expenses   (4,822 )     (1,751 )     (12,890 )     (6,098 )
    Net income before income taxes   925       478       1,213       814  
    Income tax recovery (expense)   (349 )     (25 )     34       (17 )
    Net income for the period $ 576     $ 453     $ 1,247     $ 797  
                   
    Attributable to:              
    Class A and class B shareholders1 $ 4     $ 2     $ 14     $ 5  
    Class C shareholder   559       453       1,200       791  
    Non-controlling interest   13       (2 )     33       1  
      $ 576     $ 453     $ 1,247     $ 797  

    1.   Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.

    SUMMARIZED FINANCIAL RESULTS

    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

    Unaudited
    For the periods ended December 31
    US$ millions    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Net income $ 576     $ 453     $ 1,247     $ 797  
    Unrealized net investment gains, including funds withheld   (115 )     (176 )     (615 )     (241 )
    Mark-to-market on insurance contracts and other net assets   (367 )     (104 )     589       105  
        94       173       1,221       661  
    Deferred income tax expense (recovery)   260       47       (195 )     14  
    Transaction costs   32       24       213       40  
    Depreciation   41       14       135       30  
    Distributable operating earnings1 $ 427     $ 258     $ 1,374     $ 745  

    RECONCILIATION OF EQUITY TO ADJUSTED EQUITY

    Unaudited
    As of December 31
    US$ millions    		   2024       2023  
    Equity $ 13,076     $ 6,155  
    Add:      
    Accumulated other comprehensive (income) loss   (204 )     120  
    Junior preferred shares   —       2,694  
    Adjusted equity1 $ 12,872     $ 8,969  

    1.   Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.


    Additional Information

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter and year ended December 31, 2024, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

    Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

    Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of wealth protection and retirement services, and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

    Communications & Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Rachel Schneider
    Tel: (416) 369-3358
    Email: rachel.schneider@brookfield.com

    Non-GAAP and Performance Measures

    This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

    We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results. We also make reference to Adjusted equity. Adjusted equity represents the total economic equity of our Company through our class A, B and C shares, excluding Accumulated other comprehensive income, and the junior preferred shares issued by our Company. We use adjusted equity to assess our return on our equity.

    We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

    Notice to Readers

    Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

    Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

    The MIL Network –

  • MIL-OSI: Calian Reports Results for the First Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, Feb. 13, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2024.

    Q1-25 Highlights:

    • Revenue up 3% to $185 million
    • Gross margin at 31.8%, slightly down from 32.5% last year
    • Adjusted EBITDA1 of $18 million, down from $21 million last year
    • Operating free cash flow1 of $13 million, down from $17 million last year
    • Net debt to adjusted EBITDA1 ratio of 0.6x
    • Repurchased 101,350 shares in consideration of $4.9 million
    • Guidance reiterated
    • Announced new U.S. subsidiary to focus on U.S. government and defence
       
    Financial Highlights Three months ended
    (in millions of $, except per share & margins) December  31,
      2024   20232   %
    Revenue 185.0   179.2   3 %
    Adjusted EBITDA1 17.8   21.4   (17) %
    Adjusted EBITDA %1 9.6 % 11.9 % (230)bps
    Adjusted Net Profit1 10.5   14.0   (25) %
    Adjusted EPS Diluted1 0.88   1.17   (25) %
    Operating Free Cash Flow1 13.1   17.2   (24) %
           
           

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.
    Register for the conference call on Thursday, February 13, 2025, 8:30 a.m. Eastern Time.

    “We closed the quarter as expected and are seeing positive momentum across our diverse end markets, while continuing to benefit from the strong contributions of our recent acquisitions in UK, the U.S. and Canada,” said Kevin Ford, Calian CEO. “The accelerating global demand for defence solutions positions Calian’s expanding footprint to play a critical role in the years ahead. Additionally, discussions among Canadian leaders about increasing military investment and accelerating initiatives are a welcome development. We remain on track to deliver another record year and are making progress against our long-term objectives.”

    First Quarter Results

    Revenues increased 3%, from $179 million to $185 million, representing the highest first quarter revenue on record. Acquisitive growth was 8% and was generated by the acquisitions of Decisive Group, the nuclear assets from MDA Ltd and Mabway. Organic growth was down 5%, as growth generated in global Defence was offset by declines in the pace of domestic Defence training and delays in large projects in its Space and IT infrastructure markets.

    Gross margin stood at 31.8% and represents the 11th quarter above the 30% mark. Adjusted EBITDA1 stood at $18 million, down 17% from $21 million last year, primarily impacted by revenue mix and increased investments in our sales and delivery capacity. As a result, adjusted EBITDA1 margin decreased to 9.6%, from 11.9% last year.

    Net profit stood at $(1) million, or $(0.08) per diluted share, down from $6 million, or $0.46 per diluted share last year. This decrease in profitability is primarily due to increases in accounting charges related to amortization and deemed compensation expenses from acquisitions as well as increased operating expenses, which was offset by higher gross profit. Adjusted net profit1 was $10 million, or $0.88 per diluted share, down from $14 million, or $1.17 per diluted share last year.

    Liquidity and Capital Resources

    “In the first quarter we generated $13 million in operating free cash flow1, representing a 73% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to pay contingent earn out liabilities for $11 million and make capital expenditure investments for $1 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $5 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.6x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    Normal Course Issuer Bid

    In the three-month period ended December 31, 2024, the Company repurchased 101,350 shares for cancellation in consideration of $4.9 million.

    Announced U.S. Subsidiary to Focus on U.S. Government and Defence

    On December 4, 2024, Calian announced the launch of an independent U.S.-focused subsidiary, Calian US, Inc. It is committed to securing U.S. government contracts by ensuring full compliance with all relevant regulations. To facilitate this, Calian US will be established as an independent subsidiary and will pursue the necessary certifications to operate effectively within the U.S. market.

    Quarterly Dividend

    On February 12, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 12, 2025, to shareholders of record as of February 26, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    Guidance Reiterated

    The table below presents the FY25 guidance based on the new definition of adjusted EBITDA.

      Guidance for the year ended September 30, 2025 FY24 Results   YOY Growth at Midpoint
    (in thousands of $) Low   Midpoint   High    
    Revenue 800,000   840,000   880,000   746,611   12 %
    Adj. EBITDA1 96,000   101,000   106,000   92,159   10 %
                       
                       

    This guidance includes the full-year contribution from the Decisive Group acquisition, closed on December 1, 2023, the nuclear asset acquisition from MDA Ltd., closed on March 5, 2024 and the Mabway acquisition, closed on May 9, 2024. It does not include any other further acquisitions that may close within the fiscal year. The guidance reflects another record year for the Company and positions it well to achieve its long-term growth targets.

    At the midpoint of the range, this guidance reflects revenue and adjusted EBITDA1 growth of 12% and 10%, respectively, and an adjusted EBITDA1 margin of 12.0%. It would represent the 8th consecutive year of double-digit revenue growth and record revenue and adjusted EBITDA1 levels.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at December 31, 2024 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      December 31,   September 30,
      2024   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 61,040     $ 51,788  
    Accounts receivable   157,542       157,376  
    Work in process   20,205       20,437  
    Inventory   29,442       23,199  
    Prepaid expenses   23,805       23,978  
    Derivative assets   31       32  
    Total current assets   292,065       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   41,234       40,962  
    Right of use assets   41,746       36,383  
    Prepaid expenses   7,157       7,820  
    Deferred tax asset   3,376       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   123,297       128,253  
    Goodwill   213,925       210,392  
    Total non-current assets   434,610       431,110  
    TOTAL ASSETS $ 726,675     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 123,945     $ 124,884  
    Provisions   2,454       3,075  
    Unearned contract revenue   40,263       41,723  
    Lease obligations   5,556       5,645  
    Contingent earn-out   29,709       39,136  
    Derivative liabilities   169       92  
    Total current liabilities   202,096       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   115,750       89,750  
    Lease obligations   39,425       33,798  
    Unearned contract revenue   17,256       14,503  
    Contingent earn-out   2,773       2,697  
    Deferred tax liabilities   23,738       25,862  
    Total non-current liabilities   198,942       166,610  
    TOTAL LIABILITIES   401,038       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   227,561       225,747  
    Contributed surplus   4,555       6,019  
    Retained earnings   84,038       91,268  
    Accumulated other comprehensive income (loss)   9,483       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   325,637       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 726,675     $ 707,920  
    Number of common shares issued and outstanding   11,765,055       11,802,364  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands, except per share data)
           
      Three months ended
      December  31,
      2024     2023
    Revenue $ 185,047     $ 179,179  
    Cost of revenues   126,246       120,961  
    Gross profit   58,801       58,218  
           
    Selling, general and administrative   38,105       34,145  
    Research and development   2,896       2,719  
    Share based compensation   1,091       1,190  
    Profit before under noted items   16,709       20,164  
           
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Profit before interest income and income tax expense   2,157       9,178  
           
    Interest expense   1,783       1,547  
    Income tax expense   1,350       2,106  
    NET PROFIT (LOSS) $ (976)     $ 5,525  
           
    Net profit (loss) per share:      
    Basic $ (0.08)     $ 0.47  
    Diluted $ (0.08)     $ 0.46  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands)
               
      Three months ended
      December 31,
        2024       2023  
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES          
    Net profit $ (976 )   $ 5,525  
    Items not affecting cash:          
    Interest expense   1,295       1,098  
    Changes in fair value related to contingent earn-out   558       726  
    Lease obligations interest expense   488       449  
    Income tax expense   1,350       2,106  
    Employee share purchase plan expense   174       162  
    Share based compensation expense   917       1,013  
    Depreciation and amortization   11,540       9,006  
    Deemed compensation   1,563       604  
        16,909       20,689  
    Change in non-cash working capital          
    Accounts receivable   (167 )     (11,189 )
    Work in process   232       (898 )
    Prepaid expenses and other   (2,739 )     (74 )
    Inventory   (6,241 )     (2,590 )
    Accounts payable and accrued liabilities   (858 )     15,516  
    Unearned contract revenue   1,294       206  
        8,430       21,660  
    Interest paid   (1,783 )     (1,547 )
    Income tax paid   (2,265 )     (2,575 )
        4,382       17,538  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES          
    Issuance of common shares net of costs   881       694  
    Dividends   (3,292 )     (3,314 )
    Draw on debt facility   26,000       56,000  
    Payment of lease obligations   (1,442 )     (1,171 )
    Repurchase of common shares   (4,926 )     (1,357 )
        17,221       50,852  
    CASH FLOWS USED IN INVESTING ACTIVITIES          
    Business acquisitions   (11,215 )     (47,457 )
    Property, plant and equipment   (1,136 )     (2,400 )
        (12,351 )     (49,857 )
               
    NET CASH INFLOW (OUTFLOW) $ 9,252     $ 18,533  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 61,040     $ 52,267  
                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Interest expense   1,783       1,547  
    Income tax   1,350       2,106  
    Adjusted EBITDA $ 17,800     $ 21,354  
                   

    Adjusted Net Profit and Adjusted EPS

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Mergers and acquisition costs   2,320       1,980  
    Amortization of intangibles   7,334       5,325  
    Adjusted net profit   10,461       14,020  
    Weighted average number of common shares basic   11,773,465       11,812,574  
    Adjusted EPS Basic   0.89       1.19  
     Adjusted EPS Diluted $ 0.88     $ 1.17  
                   

    Operating Free Cash Flow

         
        Three months ended
        December 31,
        2024       20231  
    Cash flows generated from operating activities (free cash flow) $ 4,382     $ 17,538  
    Adjustments:          
    M&A costs included in operating activities   199       650  
    Change in non-cash working capital   8,479       (971)  
    Operating free cash flow $ 13,060     $ 17,217  
    Operating free cash flow per share – basic   1.11       1.46  
    Operating free cash flow per share – diluted   1.10       1.44  
    Operating free cash flow conversion   73 %     81 %
                   

    Net Debt to Adjusted EBITDA

       
       
      December 31,     September 30,
        2024       20231  
    Cash $ 61,040     $ 52,267  
    Debt facility   115,750       93,750  
    Net debt (net cash)   54,710       41,483  
    Trailing twelve month adjusted EBITDA   88,602       65,987  
    Net debt to adjusted EBITDA   0.6       0.6  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    The MIL Network –

  • MIL-OSI Economics: Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

    Source: Moody’s

    Headline: Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

    Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) today announced results for the fourth quarter and full year 2024, provided its outlook for full year 2025 and updated medium-term guidance.

    The Fourth Quarter and Full Year 2024 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

    “Moody’s delivered a strong finish in Q4, capping a year of incredible achievements with full year revenue growth of 20%,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “We sit at the intersection of deep currents that are transforming the way companies do business and markets function. The investments we’ve made in our platform, data and product innovation, paired with disciplined execution, put us in a position to capitalize on these durable demand drivers for both businesses.”

    Teleconference Details:

    Date and Time

    February 13, 2025, at 11:30 a.m. ET

    Webcast

    The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.

    Dial In

    U.S. and Canada

    +1-888-596-4144

    Other callers

    +1-646-968-2525

    Passcode

    515 6491

    Dial In Replay

    A replay will be available immediately after the call on February 13, 2025 and until February 20, 2025.

    U.S. and Canada

    +1-800-770-2030

    Other callers

    +1-609-800-9909

    Confirmation code

    515 6491

    For further information, please contact Investor Relations at ir@moodys.com.

    ABOUT Moody’s

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI Global: Decentralised social media offers an alternative to big tech platforms like X and Meta. How does it work? Podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    Koshiro K/Shutterstock

    When Elon Musk acquired Twitter in 2022, many users looked for alternatives, fuelling a wave of online migration from the social media platform. Musk says he’s using Twitter, now named X, to champion free speech and that “cancel culture has been cancelled”. But his closeness to Donald Trump and his use of X to support far-right political ideologies around the world, have driven even more people to explore new options.

    How do these alternative platforms differ from traditional social media, and what does the future hold for these online spaces? In this episode of The Conversation Weekly podcast, we speak to Robert Gehl, Ontario Research Chair of Digital Governance at York University, Canada, about the evolving landscape of decentralised social media.

    In 2018, technologists working at the World Wide Web Consortium built a new protocol for social media called ActivityPub. It would give birth to the Fediverse, a decentralised form of social media. Robert Gehl likens the Fediverse to email.

     ”A friend of mine can have a Gmail account, another friend can have an Outlook account with Microsoft. I could have an account with ProtonMail. And even though these are three different companies and three different locations in the world, I can email all my friends and they can email me back because all those email servers agree to speak a shared protocol.“

    ActivityPub does the same, but for social media. Somebody could set up a server that speaks that protocol and invite their friends to sign up. Somebody else could set up a different type of server, and those two could connect using ActivityPub’s protocol. Gehl explains: “You can build a big network out of all these little servers that removes a centre.”

     Examples of platforms on the Fediverse include micro-blogging site Mastodon, image-sharing site Pixelfed and video-sharing platform PeerTube. By comparison to these decentralised systems, traditional social media platforms like X, Instagram or YouTube centralise user data, content, moderation and governance and control how information is organised and distributed to their users.

    Other alternative platforms, which aren’t part of the Fediverse, include Bluesky, which  launched to the public in 2024. Bluesky grew out of Twitter, and Twitter’s founder, Jack Dorsey, used to be on its board. However, Gehl says analysts still see Bluesky as a quite centralised because of the way it’s designed.

     ”They’re building an architecture where all posts are accessible and then they let people build filters to go to that big stack of posts and pull out the things that they want to see …  I personally find Mastodon and the Fediverse to be a little bit more compelling because they’re federated systems. When you run a federated social media system, you install the software like Mastodon, and then it pulls in messages from the network as need be … so you don’t have the entire network on one box.“

    Listen to the interview with Robert Gehl on The Conversation Weekly podcast, which also includes an introduction with Nehal El-Hadi, interim editor-in-chief at The Conversation Canada.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany with assistance from Katie Flood and Gemma Ware, Sound design was by Michelle Macklem, and theme music by Neeta Sarl.

    Clips in this episode from NBC News and CTV News.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Robert Gehl has received funding from the Canada First Research Excellence Fund.

    – ref. Decentralised social media offers an alternative to big tech platforms like X and Meta. How does it work? Podcast – https://theconversation.com/decentralised-social-media-offers-an-alternative-to-big-tech-platforms-like-x-and-meta-how-does-it-work-podcast-249758

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: SCIENTIFIC STUDIES CARRIED OUT IN ARCTIC REGION

    Source: Government of India

    Posted On: 13 FEB 2025 3:52PM by PIB Delhi

    The Ministry of Earth Sciences, through its autonomous institute, the National Centre for Polar and Ocean Research (NCPOR), Goa organizes the Indian Arctic expeditions and manages the Indian Arctic Research Station Himadri. Till date, 15 successful Indian Scientific Expeditions to the Arctic with participation from the academicians, scientists and researchers have been carried out. These expeditions are multidisciplinary and multi-institutional in nature.

    Various atmospheric and oceanic measurements have been undertaken to understand the association between Arctic ice melt and Indian Monsoon through teleconnection.

    India has deployed a mooring IND-Arc in the inner Kongsfjorden to measure the different oceanic parameters to understand the causes and changes in atmospheric and oceanic properties due to melting Arctic ice.

    Indian scientists have participated in several scientific cruises to the Arctic Ocean in collaboration with the Norwegian Polar Institute (NPI) and the Korean Polar Research Institute (KOPRI) to study biophysical processes involved in and during the Arctic Sea ice melting.

    Indian scientists conducted two field works in the Canadian High Arctic region in 2023 and 2024 to understand the role of permafrost as a potential reservoir of significant human health microbes.

    More than 200 scientific research publications have come out and more than a dozen Ph.D. theses have been awarded/ongoing from the Indian Arctic Program since its inception.

    Both the regions – the Arctic and Himalayas – are climatically and ecologically sensitive and contain a large cryosphere (ice-covered regions). Global warming is adversely affecting both regions through ice melting. Various studies based on observational, modeling and past climate data from the Arctic have shown that Arctic sea-ice and Arctic temperatures are linked to the Indian monsoon through atmospheric and oceanic teleconnections. The linkage will cause disruption in the Indian monsoon, which in turn will affect the precipitation/snowfall over the Himalayas.

    The total amount of funding allocated and utilized for the purposes of carrying out research in the Arctic Circle over the last five years has been about Rs. 39.00 Crores.

    India’s engagement with the Arctic region has been consistent and multidimensional. On 17 March 2022, India unveiled its Arctic policy document titled ‘India and the Arctic: building a partnership for sustainable development’. The policy lays down six pillars: i) strengthening India’s scientific research and cooperation, ii) climate and environmental protection, iii) economic and human development, iv) transportation and connectivity, v) governance and international cooperation, and vi) national capacity building in the Arctic region.

    Implementation of India’s Arctic Policy is overseen by an inter-ministerial Empowered Arctic Policy Group.

    To expand India’s scientific interests in the Arctic region, regular winter expeditions in the Norwegian Arctic has been initiated since December 2023 and scientific research and operations are carried out in Arctic by occupying the Indian research station Himadri for more than 300 days since December 2023.

    This information was given by Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.

    ***

    NKR/PSM

    (RS US Q NO. 997)

    (Release ID: 2102740) Visitor Counter : 13

    MIL OSI Asia Pacific News –

  • MIL-OSI: Brookfield Corporation Reports Record 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Distributable Earnings Before Realizations Increased 15% to a Record $4.9 billion or $3.07 Per Share

    Quarterly Dividend Raised by 13%

    BROOKFIELD, NEWS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced record financial results for the year ended December 31, 2024.

    Nick Goodman, President of Brookfield Corporation, said, “We delivered record financial results in 2024, with strong contributions from each of our businesses. Our asset management business had inflows of over $135 billion, our wealth solutions business is now firmly established as a top-tier annuity writer in the U.S., and our operating businesses continue to generate high-quality and stable cash flows.”

    He continued, “We expect the positive momentum in each of our businesses to continue this year. Our access to scale capital remains very strong and with transaction activity expected to pick up throughout 2025, we are well positioned to continue to generate strong growth in our cash flows and intrinsic value.”

    Operating Results

    Distributable earnings (“DE”) before realizations increased by 24% and 15% on a per share basis compared to the prior year periods.

    Unaudited
    For the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Years Ended
      2024     2023     2024     2023
    Net income of consolidated business1 $ 101   $ 3,134   $ 1,853   $ 5,105
    Net income attributable to Brookfield shareholders2   432     699     641     1,130
                   
    Distributable earnings before realizations2,3   1,498     1,209     4,871     4,223
    – Per Brookfield share2,3   0.94     0.76     3.07     2.66
                   
    Distributable earnings2,3   1,606     1,312     6,274     4,806
    – Per Brookfield share2,3   1.01     0.83     3.96     3.03

    See endnotes on page 8.

    Total consolidated net income was $101 million in the quarter and $1.9 billion for the year. Distributable earnings before realizations were a record $1.5 billion ($0.94/share) for the quarter and $4.9 billion ($3.07/share) for the year.

    Our asset management business generated a 17% increase in fee-related earnings compared to the prior year quarter, benefiting from strong fundraising momentum and the scaling of its credit platform through strategic partnerships.

    Wealth solutions earnings nearly doubled compared to the prior year, on the back of the acquisition of American Equity Life (“AEL”), organic growth and the attractive returns on our investment portfolio.

    Our operating businesses continue to deliver stable and growing cash flows, underpinned by the strong earnings of our renewable power and transition, infrastructure and private equity businesses and 4% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

    During the quarter and for the year, earnings from realizations were $108 million and $1.4 billion, with total DE for the quarter and for the year of $1.6 billion ($1.01/share) and $6.3 billion ($3.96/share), respectively.

    Regular Dividend Declaration

    The Board declared a 13% increase in the quarterly dividend for Brookfield Corporation to $0.09 per share (representing $0.36 per annum), payable on March 31, 2025 to shareholders of record as at the close of business on March 14, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

    Operating Highlights

    Distributable earnings before realizations were a record $1.5 billion ($0.94/share) for the quarter and $4.9 billion ($3.07/share) for the year, representing an increase of 24% and 15% on a per share basis over the prior year periods, respectively. Total distributable earnings were $1.6 billion ($1.01/share) for the quarter and $6.3 billion ($3.96/share) for the year.

    Asset Management:

    • DE was $694 million ($0.44/share) in the quarter and $2.6 billion ($1.67/share) for the year.
    • Fee-related earnings grew by 17% compared to the prior year quarter, driven by an 18% increase in fee-bearing capital over the prior year to $539 billion as at December 31, 2024. Total inflows were over $135 billion in 2024.
    • Our latest round of flagship funds have raised approximately $40 billion across our second global transition fund strategy, our fifth opportunistic real estate fund strategy, and our flagship opportunistic credit fund strategy. Heading into 2025, we expect to hold final closes for our latest flagship funds and continue to actively deploy capital, which should contribute to strong earnings growth.

    Wealth Solutions:

    • Distributable operating earnings were $421 million ($0.26/share) in the quarter and $1.4 billion ($0.85/share) for the year.
    • Insurance assets increased to over $120 billion, as we originated approximately $19 billion of retail and institutional annuity sales in 2024. We continue to diversify the business by growing our pension risk transfer capabilities and expanding into new markets. An example of this is the completion of our first reinsurance transaction in the U.K., at $1.3 billion which closed in the fourth quarter.
    • The average investment portfolio yield was 5.4%, 1.8% higher than the average cost of capital. As we continue to rotate the investment portfolio, annualized earnings for the business are well positioned to grow from approximately $1.6 billion today to $2 billion in the near term.
    • We are raising close to $2 billion of retail capital per month via our combined wealth solutions platforms.

    Operating Businesses:

    • DE was $562 million ($0.35/share) in the quarter and $1.6 billion ($1.03/share) for the year.
    • Operating Funds from Operations in our renewable power, transition and infrastructure businesses increased by 10% over the prior year. Our private equity business continues to contribute resilient, high-quality cash flows. Our core real estate portfolio continues to grow its same-store NOI, delivering a 4% increase over the prior year quarter.
    • In our real estate business, we signed close to 27 million square feet of office and retail leases during the year. Rents on the newly signed leases were approximately 35% higher compared to those leases expiring in the fourth quarter. Also during the fourth quarter, our DE benefited from monetizing a land parcel within our North American residential operations.
    • As real estate markets continue to recover in the coming years, we expect earnings and valuations of the business to strengthen.

    Earnings from the monetization of mature assets were $108 million ($0.07/share) for the quarter and $1.4 billion ($0.89/share) for the year.

    • During the year, we closed nearly $40 billion of asset sales at strong returns, which include a portfolio of U.S. manufactured housing assets and several renewable power and infrastructure assets globally. With the pick-up in transaction activity, we expect this momentum to accelerate into 2025.
    • Total accumulated unrealized carried interest was $11.5 billion at year end, representing an increase of 13% over the prior year, net of carried interest realized into income. We recognized approximately $400 million of net realized carried interest into income in 2024, and we expect to realize significant carried interest as we actively monetize assets in the coming years.

    We ended the quarter with a record $160 billion of capital available to deploy into new investments.

    • We have record deployable capital of approximately $160 billion, which includes $68 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
    • Our balance sheet is robust and remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 14 years and today we have no maturities through to the end of 2025.
    • Over the year, we returned $1.5 billion to shareholders through regular dividends and share repurchases, with total share buybacks of approximately $1 billion. In 2025 so far, we have repurchased over $200 million of shares.
    • We had an active year in the capital markets. We executed approximately $135 billion of financings, including issuing $700 million of 30-year subordinated notes and a $1 billion, 7-year non-recourse loan to a large institutional partner of ours, the proceeds of which will mainly be directed towards share repurchases.

    CONSOLIDATED BALANCE SHEETS

    Unaudited
    (US$ millions)    		   December 31   December 31
        2024     2023
    Assets        
    Cash and cash equivalents   $ 15,051   $ 11,222
    Other financial assets     25,887     28,324
    Accounts receivable and other     40,509     31,001
    Inventory     8,458     11,412
    Equity accounted investments     68,310     59,124
    Investment properties     103,665     124,152
    Property, plant and equipment     153,019     147,617
    Intangible assets     36,072     38,994
    Goodwill     35,730     34,911
    Deferred income tax assets     3,723     3,338
    Total Assets   $ 490,424   $ 490,095
             
    Liabilities and Equity        
    Corporate borrowings   $ 14,232   $ 12,160
    Accounts payable and other     60,223     59,011
    Non-recourse borrowings     220,560     221,550
    Subsidiary equity obligations     4,759     4,145
    Deferred income tax liabilities     25,267     24,987
             
    Equity        
    Non-controlling interests in net assets $ 119,406   $ 122,465  
    Preferred equity   4,103     4,103  
    Common equity   41,874   165,383   41,674   168,242
    Total Equity     165,383     168,242
    Total Liabilities and Equity   $ 490,424   $ 490,095


    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Revenues $ 19,426     $ 24,518     $ 86,006     $ 95,924  
    Direct costs1   (11,977 )     (18,168 )     (58,199 )     (72,334 )
    Other income and gains   52       4,256       1,247       6,501  
    Equity accounted income   1,034       429       2,729       2,068  
    Interest expense              
    – Corporate borrowings   (183 )     (142 )     (727 )     (596 )
    – Non-recourse borrowings              
    Same-store   (3,474 )     (3,903 )     (14,889 )     (14,907 )
    Acquisitions, net of dispositions2   (136 )     —       (319 )     —  
    Upfinancings2   (186 )     —       (680 )     —  
    Corporate costs   (20 )     (16 )     (76 )     (69 )
    Fair value changes   (1,759 )     (1,326 )     (2,520 )     (1,396 )
    Depreciation and amortization   (2,417 )     (2,427 )     (9,737 )     (9,075 )
    Income tax   (259 )     (87 )     (982 )     (1,011 )
    Net income   101       3,134       1,853       5,105  
    Loss (income) attributable to non-controlling interests   331       (2,435 )     (1,212 )     (3,975 )
    Net income attributable to Brookfield shareholders $ 432     $ 699     $ 641     $ 1,130  
                   
    Net income per share              
    Diluted $ 0.25     $ 0.42     $ 0.31     $ 0.61  
    Basic   0.26       0.43       0.31       0.62  

    1. Direct costs disclosed above exclude depreciation and amortization expense.
    2. Interest expense from acquisitions, net of dispositions, and upfinancings completed for the year ended December 31, 2024.

    SUMMARIZED FINANCIAL RESULTS

    DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended December 31
    (US$ millions)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Asset management $ 694     $ 649     $ 2,645     $ 2,554  
                   
    Wealth solutions   421       253       1,350       740  
                   
    BEP   107       102       428       417  
    BIP   84       79       336       319  
    BBU   8       9       35       36  
    BPG   351       218       855       733  
    Other   12       (8 )     (28 )     (43 )
    Operating businesses   562       400       1,626       1,462  
                   
    Corporate costs and other   (179 )     (93 )     (750 )     (533 )
    Distributable earnings before realizations1   1,498       1,209       4,871       4,223  
    Realized carried interest, net   108       100       403       570  
    Disposition gains from principal investments   —       3       1,000       13  
    Distributable earnings1 $ 1,606     $ 1,312     $ 6,274     $ 4,806  

    1. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.

    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended December 31
    (US$ millions)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Net income $ 101     $ 3,134     $ 1,853     $ 5,105  
    Financial statement components not included in DE:              
    Equity accounted fair value changes and other items   448       1,097       2,679       2,902  
    Fair value changes and other   1,685       1,549       2,652       1,952  
    Depreciation and amortization   2,417       2,427       9,737       9,075  
    Disposition gains in net income   (659 )     (4,424 )     (1,234 )     (6,080 )
    Deferred income taxes   82       (416 )     (341 )     (897 )
    Non-controlling interests in the above items1   (2,560 )     (2,064 )     (10,570 )     (7,941 )
    Less: realized carried interest, net   (108 )     (100 )     (403 )     (570 )
    Working capital, net   92       6       498       677  
    Distributable earnings before realizations2   1,498       1,209       4,871       4,223  
    Realized carried interest, net3   108       100       403       570  
    Disposition gains from principal investments   —       3       1,000       13  
    Distributable earnings2 $ 1,606     $ 1,312     $ 6,274     $ 4,806  

    1. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting DE attributable to non-controlling interests, we are able to remove the portion of DE earned at non-wholly owned subsidiaries that is not attributable to Brookfield.
    2. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
    3. Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.

    EARNINGS PER SHARE

    Unaudited
    For the periods ended December 31
    (millions, except per share amounts)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Net income $ 101     $ 3,134     $ 1,853     $ 5,105  
    Non-controlling interests   331       (2,435 )     (1,212 )     (3,975 )
    Net income attributable to shareholders   432       699       641       1,130  
    Preferred share dividends1   (41 )     (43 )     (168 )     (166 )
    Net income available to common shareholders   391       656       473       964  
    Dilutive impact of exchangeable shares of affiliate   3       3       12       5  
    Net income available to common shareholders including dilutive impact of exchangeable shares $ 394     $ 659     $ 485     $ 969  
                   
    Weighted average shares   1,508.3       1,540.1       1,511.5       1,558.5  
    Dilutive effect of conversion of options and escrowed shares using treasury stock method2 and exchangeable shares of affiliate   81.1       40.8       73.1       29.7  
    Shares and share equivalents   1,589.4       1,580.9       1,584.6       1,588.2  
                   
    Diluted earnings per share3 $ 0.25     $ 0.42     $ 0.31     $ 0.61  

    1. Excludes dividends paid on perpetual subordinated notes of $2 million (2023 – $2 million) and $10 million (2023 – $10 million) for the three months and year ended December 31, 2024, which are recognized within net income.
    2. Includes management share option plan and escrowed stock plan.
    3. Per share amounts are inclusive of dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary.

    Additional Information

    The Letter to Shareholders and the company’s Supplemental Information for the three months and year ended December 31, 2024, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended December 31, 2024, which have been prepared using IFRS, as issued by the IASB. The amounts have not been audited by Brookfield Corporation’s external auditor.

    Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

    Quarterly Earnings Call Details

    Investors, analysts and other interested parties can access Brookfield Corporation’s 2024 Fourth Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

    To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register.vevent.com/register/BIf7f2f2b5bdd84f708b0fc3cd0fd714dd. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/5vbgiehc. For those unable to participate in the Conference Call, the telephone replay will be archived and available until February 13, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/5vbgiehc. 

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Angela Yulo
    Tel: (416) 943-7955
    Email: angela.yulo@brookfield.com
         

    Non-IFRS and Performance Measures

    This news release and accompanying financial information are based on International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), unless otherwise noted.

    We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

    Realized carried interest and realized disposition gains are further described below:

    • Realized Carried Interest represents our contractual share of investment gains generated within a private fund after considering our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
    • Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

    We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find these measures of value to them.

    We make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

    We make reference to Net Operating Income (“NOI”), which refers to the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

    We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

    We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

    1. Consolidated basis – includes amounts attributable to non-controlling interests.
    2. Excludes amounts attributable to non-controlling interests.
    3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.

    Notice to Readers

    Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

    Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

    Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

    When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

    The MIL Network –

  • MIL-OSI: TransUnion Announces Fourth Quarter and Full-Year 2024 Results and Refreshed Capital Allocation Framework

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded fourth quarter 2024 financial guidance for revenue with 9 percent growth driven by U.S. Markets Financial Services and Insurance verticals, and our International segment
    • Delivered strong financial results in 2024 while executing on technology modernization and delivering ~$85 million of transformation program savings
    • Announcing new freemium direct-to-consumer credit education and monitoring offering, enabled in collaboration with Credit Sesame
    • Providing 2025 financial guidance, we expect to deliver 3.5 to 5 percent revenue growth (4.5 to 6 percent organic constant currency)
    • Refreshing capital allocation framework – lowering target Leverage Ratio to under 2.5x, raising quarterly dividend to $0.115 and announcing new $500 million share repurchase program authorization

    CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and full-year ended December 31, 2024.

    Fourth Quarter 2024 Results

    Revenue:

    • Total revenue for the quarter was $1,037 million, an increase of 9 percent (9 percent on an organic constant currency basis), compared with the fourth quarter of 2023.

    Earnings:

    • Net income attributable to TransUnion was $66 million for the quarter, compared with $6 million for the fourth quarter of 2023. Diluted earnings per share was $0.34, compared with $0.03 in the fourth quarter of 2023. Net income attributable to TransUnion margin was 6 percent, compared with 1 percent in the fourth quarter of 2023.
    • Adjusted Net Income was $192 million for the quarter, compared with $156 million for the fourth quarter of 2023. Adjusted Diluted Earnings per Share for the quarter was $0.97, compared with $0.80 in the fourth quarter of 2023.
    • Adjusted EBITDA was $378 million for the quarter, an increase of 16 percent (16 percent on a constant currency basis) compared with the fourth quarter of 2023. Adjusted EBITDA margin was 36 percent, compared with 34 percent in the fourth quarter of 2023.

    “TransUnion finished the year with strong revenue growth and margin expansion,” said Chris Cartwright, President and CEO. “U.S. Markets grew by high single-digits in the fourth quarter against subdued but stable market conditions, driven by mortgage pricing, improving non-mortgage Financial Services growth and Insurance strength. Our International segment delivered double-digit growth led by India, Asia Pacific and Latin America.”

    “In 2025, we expect to deliver 4.5 to 6 percent organic constant currency revenue growth with modest margin expansion, assuming a continuation of current subdued conditions. We remain highly focused on driving strong financial results while executing on our transformation initiatives – refining and strengthening our global operating model; completing U.S. and India technology modernization; and accelerating innovation and growth across our solution suites. We took a key step in reinvigorating Consumer Interactive growth with today’s announcement of our new freemium credit education and monitoring offering, enabled in collaboration with Credit Sesame.”

    “Following strong de-levering throughout 2024, we are providing a refreshed capital allocation framework. We are lowering our Leverage Ratio target to under 2.5x, raising our quarterly dividend to $0.115, and announcing a new $500 million share repurchase program. Given the strength of our portfolio and our ongoing transformation, the bar for M&A is high, and we are not seeking large-scale acquisitions. In 2025, we plan to deploy cash for a combination of further debt prepayment, share repurchases and partially funding of the recently announced Trans Union de Mexico acquisition.”

    Fourth Quarter 2024 Segment Results

    U.S. Markets:

    U.S. Markets revenue was $792 million, an increase of 8 percent compared with the fourth quarter of 2023.

    • Financial Services revenue was $356 million, an increase of 21 percent compared with the fourth quarter of 2023.
    • Emerging Verticals revenue was $302 million, an increase of 4 percent compared with the fourth quarter of 2023.
    • Consumer Interactive revenue was $134 million, a decrease of 11 percent compared with the fourth quarter of 2023.

    Adjusted EBITDA was $312 million, an increase of 16 percent compared to the fourth quarter of 2023.

    International:

    International revenue was $245 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the fourth quarter of 2023.

    • Canada revenue was $39 million, an increase of 5 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Latin America revenue was $34 million, an increase of 7 percent (15 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • United Kingdom revenue was $59 million, an increase of 6 percent (3 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Africa revenue was $18 million, an increase of 13 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • India revenue was $67 million, an increase of 17 percent (18 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Asia Pacific revenue was $29 million, an increase of 19 percent (20 percent on a constant currency basis) compared with the fourth quarter of 2023.

    Adjusted EBITDA was $107 million, an increase of 11 percent (13 percent on a constant currency basis) compared with the fourth quarter of 2023.

    Full Year 2024 Results

    Revenue:

    • Total revenue for the year was $4,184 million, an increase of 9 percent (9 percent on a constant currency basis) compared with 2023.

    Earnings:

    • Net income (loss) attributable to TransUnion was $284 million for the year, compared with $(206) million in 2023. Diluted earnings (loss) per share was $1.45, compared with $(1.07) in 2023. Net income (loss) attributable to TransUnion margin was 7 percent, compared with (5) percent in 2023. Our net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include expenses associated with our transformation plan. Our 2023 net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include a goodwill impairment recognized in the third quarter of 2023.
    • Adjusted Net Income was $769 million for the year, compared with $655 million in 2023. Adjusted Diluted Earnings per Share was $3.91, compared with $3.37 in 2023.
    • Adjusted EBITDA was $1,506 million for the year, compared to $1,344 million in 2023, an increase of 12 percent (an increase of 12 percent on a constant currency basis) compared with 2023. Adjusted EBITDA margin was 36 percent, compared with 35 percent in 2023.

    Liquidity and Capital Resources

    Cash and cash equivalents were $679 million at December 31, 2024 and $476 million at December 31, 2023. For the twelve months ended December 31, 2024, we prepaid $150.0 million of our Senior Secured Term Loans, funded from our cash on hand.

    For the year ended December 31, 2024, cash provided by operating activities was $832 million compared with $645 million in 2023. For 2024, the increase in cash provided by operating activities was primarily due to improved operating performance and lower net interest expense, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the year ended December 31, 2024, cash used in investing activities was $307 million for 2024 compared with $319 million in 2023. The decrease in cash used in investing activities was primarily due to lower investments in nonconsolidated affiliates. Capital expenditures as a percent of revenue represented 8% for 2024 and 2023. For the year ended December 31, 2024, cash used in financing activities was $309 million compared with $439 million in 2023. The decrease in cash used in financing activities was due primarily to a decrease in debt repayments.

    The Company’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. This new share repurchase authorization replaces all previous authorizations.

    The Company’s Board of Directors has declared a cash dividend of $0.115 per share for the fourth quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record on February 27, 2025.

    First Quarter and Full Year 2025 Outlook

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

        Three Months Ended March 31, 2025   Year Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,060     $ 1,074     $ 4,333     $ 4,393  
    Revenue growth1:                
    As reported     4 %     5 %     3.5 %     5 %
    Constant currency1, 2     5 %     6 %     4.5 %     6 %
    Organic constant currency1, 3     5 %     6 %     4.5 %     6 %
                     
    Net income attributable to TransUnion   $ 71     $ 77     $ 335     $ 362  
    Net income attributable to TransUnion growth     9 %     18 %     18 %     27 %
    Net income attributable to TransUnion margin     6.7 %     7.1 %     7.7 %     8.3 %
                     
    Diluted Earnings per Share   $ 0.36     $ 0.39     $ 1.68     $ 1.82  
    Diluted Earnings per Share growth     7 %     16 %     16 %     26 %
                     
    Adjusted EBITDA, as reported5   $ 376     $ 384     $ 1,549     $ 1,590  
    Adjusted EBITDA growth, as reported4     5 %     7 %     3 %     6 %
    Adjusted EBITDA margin     35.5 %     35.8 %     35.8 %     36.2 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.96     $ 0.99     $ 3.93     $ 4.08  
    Adjusted Diluted Earnings per Share growth     4 %     8 %     1 %     4 %
                                     

            

    1. Additional revenue growth assumptions:
      1. The impact of changing foreign currency exchange rates is expected to be approximately 1% of headwind for Q1 2025 and FY 2025.
      2. There is no impact from recently announced acquisitions for Q1 2025 and FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q1 2025 and approximately 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q1 2025 and FY 2025.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have approximately 2% of headwind for Q1 2025 and approximately 1% of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

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

          About TransUnion (NYSE: TRU)

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

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

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

          Forward-Looking Statements

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

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

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

        There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC in February 2025, and our Annual Report on Form 10-K for the year ended December 31, 2023, as well as our quarterly reports for the quarters ended September 30, 2024, June 30, 2024 and March 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

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

        For More Information

        E-mail:         Investor.Relations@transunion.com

        Telephone:   312.985.2860

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

          December 31,
        2024        		   December 31,
        2023
        Assets      
        Current assets:      
        Cash and cash equivalents $ 679.5     $ 476.2  
        Trade accounts receivable, net of allowance of $19.9 and $16.4   798.9       723.0  
        Other current assets   323.4       275.9  
        Total current assets   1,801.8       1,475.1  
        Property, plant and equipment, net of accumulated depreciation and amortization of $506.3 and $804.4   203.5       199.3  
        Goodwill   5,144.3       5,176.0  
        Other intangibles, net of accumulated amortization of $2,294.5 and $2,719.8   3,257.5       3,515.3  
        Other assets   577.7       739.4  
        Total assets $ 10,984.8     $ 11,105.1  
        Liabilities and stockholders’ equity      
        Current liabilities:      
        Trade accounts payable $ 294.6     $ 251.3  
        Current portion of long-term debt   70.6       89.6  
        Other current liabilities   694.4       661.8  
        Total current liabilities   1,059.6       1,002.7  
        Long-term debt   5,076.6       5,250.8  
        Deferred taxes   415.3       592.9  
        Other liabilities   114.5       153.2  
        Total liabilities   6,666.0       6,999.6  
        Stockholders’ equity:      
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of December 31, 2024 and 2023   —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively   2.0       2.0  
        Additional paid-in capital   2,558.9       2,412.9  
        Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively   (334.6 )     (302.9 )
        Retained earnings   2,357.9       2,157.1  
        Accumulated other comprehensive loss   (367.2 )     (260.9 )
        Total TransUnion stockholders’ equity   4,217.0       4,008.2  
        Noncontrolling interests   101.8       97.3  
        Total stockholders’ equity   4,318.8       4,105.5  
        Total liabilities and stockholders’ equity $ 10,984.8     $ 11,105.1  
                       

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

          Three Months Ended   December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Revenue $ 1,036.8     $ 954.3     $ 4,183.8     $ 3,831.2  
        Operating expenses              
        Cost of services (exclusive of depreciation and amortization below)   411.6       380.6       1,673.3       1,517.3  
        Selling, general and administrative   317.2       303.9       1,239.3       1,171.6  
        Depreciation and amortization   137.3       133.3       537.8       524.4  
        Goodwill impairment   —       —       —       414.0  
        Restructuring   —       75.3       66.8       75.3  
        Total operating expenses   866.0       893.0       3,517.1       3,702.7  
        Operating income   170.8       61.3       666.7       128.5  
        Non-operating income and (expense)              
        Interest expense   (62.0 )     (71.0 )     (265.2 )     (288.2 )
        Interest income   8.6       5.7       28.5       20.7  
        Earnings from equity method investments   4.2       4.6       18.3       16.3  
        Other income and (expense), net   (20.9 )     (6.4 )     (47.1 )     (22.7 )
        Total non-operating income and (expense)   (70.1 )     (67.1 )     (265.5 )     (273.9 )
        Income (loss) from continuing operations before income taxes   100.6       (5.8 )     401.1       (145.3 )
        Provision for income taxes   (29.9 )     15.4       (98.8 )     (44.7 )
        Income (loss) from continuing operations   70.7       9.5       302.3       (190.1 )
        Discontinued operations, net of tax   —       —       —       (0.7 )
        Net income (loss)   70.7       9.5       302.3       (190.8 )
        Less: net income attributable to noncontrolling interests   (4.5 )     (3.5 )     (18.0 )     (15.4 )
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                       
        Income (loss) from continuing operations $ 70.7     $ 9.5     $ 302.3     $ (190.1 )
        Less: income from continuing operations attributable to noncontrolling interests   (4.5 )     (3.5 )     (18.0 )     (15.4 )
        Income (loss) from continuing operations attributable to TransUnion   66.2       6.0       284.4       (205.4 )
        Discontinued operations, net of tax   —       —       —       (0.7 )
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                       
        Basic earnings (loss) per common share from:              
        Income (loss) from continuing operations attributable to TransUnion $ 0.34     $ 0.03     $ 1.46     $ (1.06 )
        Discontinued operations, net of tax   —       —       —       —  
        Net income (loss) attributable to TransUnion $ 0.34     $ 0.03     $ 1.46     $ (1.07 )
        Diluted earnings (loss) per common share from:              
        Income (loss) from continuing operations attributable to TransUnion $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Discontinued operations, net of tax   —       —       —       —  
        Net income (loss) attributable to TransUnion $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
                       
        Weighted-average shares outstanding:              
        Basic   194.9       193.7       194.4       193.4  
        Diluted   197.3       194.3       196.7       193.4  
                                       

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

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

          Years Ended December 31,
            2024       2023  
        Cash flows from operating activities:      
        Net income (loss) $ 302.3     $ (190.8 )
        Less: Discontinued operations, net of tax   —       (0.7 )
        Income (loss) from continuing operations   302.3       (190.1 )
        Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
        Depreciation and amortization   537.8       524.4  
        Goodwill impairment   —       414.0  
        Loss on repayment of loans   7.4       7.6  
        Deferred taxes   (157.3 )     (162.7 )
        Stock-based compensation   121.2       100.3  
        Loss on early termination of lease   40.5       —  
        Other   34.3       26.0  
        Changes in assets and liabilities:      
        Trade accounts receivable   (105.6 )     (135.1 )
        Other current and long-term assets   46.0       (12.7 )
        Trade accounts payable   39.2       (6.5 )
        Other current and long-term liabilities   (33.3 )     80.4  
        Cash provided by operating activities of continuing operations   832.5       645.6  
        Cash used in operating activities of discontinued operations   —       (0.2 )
        Cash provided by operating activities   832.5       645.4  
        Cash flows from investing activities:      
        Capital expenditures   (315.8 )     (310.7 )
        Proceeds from sale/maturity of other investments   0.2       82.3  
        Purchases of other investments   (0.2 )     (53.5 )
        Investments in nonconsolidated affiliates   (5.9 )     (36.9 )
        Proceeds from the sale of investments in nonconsolidated affiliates   7.7       —  
        (Payments) proceeds related to disposal of discontinued operations   —       (0.5 )
        Other   6.6       0.4  
        Cash used in investing activities   (307.4 )     (318.9 )
        Cash flows from financing activities:      
        Proceeds from Term Loans   1,793.1       655.8  
        Repayments of Term Loans   (1,786.1 )     (347.7 )
        Repayments of debt   (198.9 )     (650.0 )
        Debt financing fees   (16.5 )     (3.3 )
        Proceeds from issuance of common stock and exercise of stock options   24.9       23.1  
        Dividends to shareholders   (82.7 )     (81.8 )
        Employee taxes paid on restricted stock units recorded as treasury stock   (31.7 )     (18.4 )
        Distributions to noncontrolling interests   (10.8 )     (16.5 )
        Cash used in financing activities   (308.7 )     (438.8 )
        Effect of exchange rate changes on cash and cash equivalents   (13.1 )     3.2  
        Net change in cash and cash equivalents   203.3       (109.1 )
        Cash and cash equivalents, beginning of period   476.2       585.3  
        Cash and cash equivalents, end of period $ 679.5     $ 476.2  
                       

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

        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

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

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

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

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

        Consolidated Adjusted EBITDA

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

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

        Consolidated Adjusted EBITDA Margin

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

        Adjusted Net Income

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

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

        Adjusted Diluted Earnings Per Share

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

        Adjusted Provision for Income Taxes

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

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

        Adjusted Effective Tax Rate

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

        Leverage Ratio

        Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

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

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

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

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC
        (Unaudited)
                 
            For the Three Months Ended December 31, 2024 compared with
        the Three Months Ended December 31, 2023        		   For the Year Ended December 31, 2024 compared with
        the Year Ended December 31, 2023
            Reported   CC Growth1   Organic CC Growth2   Reported   CC Growth1   Organic CC Growth2
        Revenue:                        
        Consolidated   8.6 %   8.9 %   8.9 %   9.2 %   9.3 %   9.3 %
        U.S. Markets   7.6 %   7.7 %   7.7 %   8.2 %   8.2 %   8.2 %
        Financial Services   20.6 %   20.6 %   20.6 %   15.2 %   15.2 %   15.2 %
        Emerging Verticals   4.2 %   4.2 %   4.2 %   4.0 %   4.0 %   4.0 %
        Consumer Interactive   (11.1)%   (11.1)%   (11.1)%   1.5 %   1.6 %   1.6 %
        International   10.7 %   11.7 %   11.7 %   12.7 %   13.0 %   13.0 %
        Canada   5.3 %   7.9 %   7.9 %   9.9 %   11.5 %   11.5 %
        Latin America   7.0 %   15.2 %   15.2 %   10.6 %   12.0 %   12.0 %
        United Kingdom   5.8 %   2.7 %   2.7 %   5.1 %   2.6 %   2.6 %
        Africa   13.0 %   8.2 %   8.2 %   9.5 %   9.8 %   9.8 %
        India   16.7 %   18.3 %   18.3 %   23.1 %   24.7 %   24.7 %
        Asia Pacific   19.3 %   20.2 %   20.2 %   15.1 %   15.8 %   15.8 %
                                 
        Adjusted EBITDA:                        
        Consolidated   15.9 %   16.4 %   16.4 %   12.1 %   12.3 %   12.3 %
        U.S. Markets   16.3 %   16.4 %   16.4 %   10.2 %   10.2 %   10.2 %
        International   11.3 %   12.8 %   12.8 %   15.8 %   16.6 %   16.6 %
                                             
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less inorganic growth rate.
           
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited)
        (dollars in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 356.1     $ 295.3     $ 1,433.8     $ 1,244.9  
        Emerging Verticals   302.3       290.3       1,215.5       1,168.2  
        Consumer Interactive   133.5       150.3       588.7       579.7  
        U.S. Markets gross revenue $ 792.0     $ 735.8     $ 3,237.9     $ 2,992.8  
                       
        International gross revenue              
        Canada $ 38.5     $ 36.6     $ 154.4     $ 140.5  
        Latin America   33.8       31.6       134.7       121.8  
        United Kingdom   59.2       55.9       227.7       216.6  
        Africa   18.4       16.3       66.4       60.6  
        India   66.6       57.1       269.4       218.9  
        Asia Pacific   28.6       24.0       105.8       91.9  
        International gross revenue $ 245.1     $ 221.5     $ 958.4     $ 850.4  
                       
        Total gross revenue $ 1,037.1     $ 957.3     $ 4,196.3     $ 3,843.1  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ 1.3     $ (1.6 )   $ (6.2 )   $ (6.2 )
        International   (1.6 )     (1.4 )     (6.4 )     (5.7 )
        Total intersegment revenue eliminations $ (0.3 )   $ (3.0 )   $ (12.6 )   $ (11.9 )
                       
        Total revenue as reported $ 1,036.8     $ 954.3     $ 4,183.8     $ 3,831.2  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 311.9     $ 268.1     $ 1,232.8     $ 1,119.0  
        International   107.4       96.5       425.5       367.5  
        Corporate   (41.4 )     (38.6 )     (152.0 )     (142.8 )
                       
        Adjusted EBITDA Margin:1              
        U.S. Markets   39.4 %     36.4 %     38.1 %     37.4 %
        International   43.8 %     43.6 %     44.4 %     43.2 %
                                       
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
           
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
        Discontinued operations, net of tax   —       —       —       0.7  
        Income (loss) from continuing operations attributable to TransUnion $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Net interest expense   53.4       65.4       236.7       267.5  
        Provision (benefit) for income taxes   29.9       (15.4 )     98.8       44.7  
        Depreciation and amortization   137.3       133.3       537.8       524.4  
        EBITDA $ 286.8     $ 189.4     $ 1,157.7     $ 631.2  
        Adjustments to EBITDA:              
        Stock-based compensation $ 35.6     $ 27.3     $ 121.2     $ 100.6  
        Goodwill impairment1   —       —       —       414.0  
        Mergers and acquisitions, divestitures and business optimization2   9.4       10.1       26.5       34.6  
        Accelerated technology investment3   25.6       17.0       84.2       70.6  
        Operating model optimization program4   8.4       77.6       94.8       77.6  
        Net other5   12.1       4.6       21.8       15.2  
        Total adjustments to EBITDA $ 91.1     $ 136.6     $ 348.7     $ 712.5  
        Consolidated Adjusted EBITDA $ 377.9     $ 326.0     $ 1,506.3     $ 1,343.7  
                       
        Net income (loss) attributable to TransUnion margin   6.4 %     0.6 %     6.8 %   (5.4)%
        Consolidated Adjusted EBITDA margin6   36.5 %     34.2 %     36.0 %     35.1 %
                                       

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024     2023  
        Transaction and integration costs   $ 4.2     $ 9.9     $ 11.2   $ 30.9  
        Fair value and impairment adjustments     7.6       0.9       8.4     1.6  
        Post-acquisition adjustments     (2.3 )     (0.5 )     7.0     4.3  
        Transition services agreement income     —       (0.1 )     —     (2.5 )
        Loss on business disposal     —       —       —     0.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 9.4     $ 10.1     $ 26.5   $ 34.6  
                                       
        3.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Foundational Capabilities   $ 10.7   $ 8.0   $ 35.7   $ 35.8
        Migration Management     13.3     7.7     43.2     29.6
        Program Enablement     1.6     1.3     5.4     5.2
        Total accelerated technology investment   $ 25.6   $ 17.0   $ 84.2   $ 70.6
                                 
        4. Operating model optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Employee separation   $ —   $ 71.9   $ 24.7   $ 71.9
        Facility exit     —     3.4     42.1     3.4
        Business process optimization     8.4     2.3     28.0     2.3
        Total operating model optimization   $ 8.4   $ 77.6   $ 94.8   $ 77.6
                                 
        5. Net other consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023       2024       2023  
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6   $ 6.2     $ 17.8     $ 9.3  
        Other debt financing expenses     0.7     0.7       2.4       2.2  
        Currency remeasurement on foreign operations     2.5     (1.8 )     2.1       4.8  
        Other non-operating (income) and expense     0.2     (0.5 )     (0.5 )     (1.0 )
        Total other adjustments   $ 12.1   $ 4.6     $ 21.8     $ 15.2  
                                       
        6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
           
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
                 
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Net income (loss) from continuing operations attributable to TransUnion   $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Discontinued operations, net of tax     —       —       —       (0.7 )
        Income (loss) attributable to TransUnion   $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                         
        Weighted-average shares outstanding:                
        Basic     194.9       193.7       194.4       193.4  
        Diluted     197.3       194.3       196.7       193.4  
                         
        Basic earnings (loss) per common share from:                
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.46     $ (1.06 )
        Discontinued operations, net of tax     —       —       —       —  
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.46     $ (1.07 )
        Diluted earnings (loss) per common share from:                
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Discontinued operations, net of tax     —       —       —       —  
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
                         
        Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:                
        Net income (loss) attributable to TransUnion   $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
        Discontinued operations, net of tax     —       —       —       0.7  
        Income (loss) from continuing operations attributable to TransUnion   $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Adjustments before income tax items:                
        Amortization of certain intangible assets     71.3       72.4       286.1       293.6  
        Stock-based compensation     35.6       27.3       121.2       100.6  
        Goodwill impairment1     —       —       —       414.0  
        Mergers and acquisitions, divestitures and business optimization2     9.4       10.1       26.5       34.6  
        Accelerated technology investment3     25.6       17.0       84.2       70.6  
        Operating model optimization program4     8.4       77.6       94.8       77.6  
        Net other5     11.6       4.4       20.2       14.0  
        Total adjustments before income tax items   $ 161.9     $ 208.8     $ 633.1     $ 1,005.0  
        Total adjustments for income taxes6   $ (35.9 )   $ (58.9 )   $ (148.7 )   $ (144.1 )
        Adjusted Net Income   $ 192.2     $ 156.0     $ 768.8     $ 655.4  
                         
        Weighted-average shares outstanding:                
        Basic     194.9       193.7       194.4       193.4  
        Diluted     197.3       194.3       196.7       194.7  
                         
        Adjusted Earnings per Share:                
        Basic   $ 0.99     $ 0.81     $ 3.95     $ 3.39  
        Diluted   $ 0.97     $ 0.80     $ 3.91     $ 3.37  
                                         

                

            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Reconciliation of Diluted earnings (loss) per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings (loss) per common share from:                
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
        Discontinued operations, net of tax     —       —       —       —  
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Adjustments before income tax items:                
        Amortization of certain intangible assets     0.36       0.37       1.45       1.51  
        Stock-based compensation     0.18       0.14       0.62       0.52  
        Goodwill impairment1     —       —       —       2.13  
        Mergers and acquisitions, divestitures and business optimization2     0.05       0.05       0.13       0.18  
        Accelerated technology investment3     0.13       0.09       0.43       0.36  
        Operating model optimization program4     0.04       0.40       0.48       0.40  
        Net other5     0.06       0.02       0.10       0.07  
        Total adjustments before income tax items   $ 0.82     $ 1.07     $ 3.22     $ 5.16  
        Total adjustments for income taxes6     (0.18 )     (0.30 )     (0.76 )     (0.74 )
        Impact of additional dilutive shares7     —       —       —       0.02  
        Adjusted Diluted Earnings per Share   $ 0.97     $ 0.80     $ 3.91     $ 3.37  
                                         

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024     2023  
        Transaction and integration costs   $ 4.2     $ 9.9     $ 11.2   $ 30.9  
        Fair value and impairment adjustments     7.6       0.9       8.4     1.6  
        Post-acquisition adjustments     (2.3 )     (0.5 )     7.0     4.3  
        Transition services agreement income     —       (0.1 )     —     (2.5 )
        Loss on business disposal     —       —       —     0.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 9.4     $ 10.1     $ 26.5   $ 34.6  
                                       
        3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Foundational Capabilities   $ 10.7   $ 8.0   $ 35.7   $ 35.8
        Migration Management     13.3     7.7     43.2     29.6
        Program Enablement     1.6     1.3     5.4     5.2
        Total accelerated technology investment   $ 25.6   $ 17.0   $ 84.2   $ 70.6
                                 
        4. Operating model optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Employee separation   $ —   $ 71.9   $ 24.7   $ 71.9
        Facility exit     —     3.4     42.1     3.4
        Business process optimization     8.4     2.3     28.0     2.3
        Total operating model optimization   $ 8.4   $ 77.6   $ 94.8   $ 77.6
                                 
        5. Net other consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023       2024     2023
        Deferred loan fee expense from debt prepayments and refinancing   $ 8.6   $ 6.2     $ 17.8   $ 9.3
        Currency remeasurement on foreign operations     2.5     (1.8 )     2.1     4.8
        Other non-operating expense     0.4     —       0.3     —
        Total other adjustments   $ 11.6   $ 4.4     $ 20.2   $ 14.0
                                   
        6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        7.  Diluted share counts for Adjusted Diluted Earnings Per Share includes an additional 1.3 million of dilutive securities for the twelve months ended December 31, 2023, which are not included in GAAP diluted weighted-average shares outstanding due to the Company’s net loss position for the twelve months ended December 31, 2023.
           
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Income (loss) from continuing operations before income taxes $ 100.6     $ (5.8 )   $ 401.1     $ (145.3 )
        Total adjustments before income tax items from Schedule 3   161.9       208.8       633.1       1,005.0  
        Adjusted income from continuing operations before income taxes $ 262.5     $ 203.0     $ 1,034.3     $ 859.7  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes              
        (Provision) benefit for income taxes   (29.9 )     15.4       (98.8 )     (44.7 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (37.0 )     (45.5 )     (145.5 )     (135.6 )
        Eliminate impact of excess tax (benefit) expenses for stock-based compensation   (0.1 )     0.2       (1.5 )     3.0  
        Other1   1.3       (13.7 )     (1.7 )     (11.5 )
        Total adjustments for income taxes $ (35.9 )   $ (58.9 )   $ (148.7 )   $ (144.1 )
        Adjusted Provision for Income Taxes $ (65.8 )   $ (43.5 )   $ (247.6 )   $ (188.8 )
                       
        Effective tax rate   29.7 %     263.1 %     24.6 %   (30.8)%
        Adjusted Effective Tax Rate   25.1 %     21.4 %     23.9 %     22.0 %
                                       

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

        1. Other adjustments for income taxes include:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Deferred tax adjustments   $ 15.2     $ (13.5 )   $ 13.8     $ (12.9 )
        Valuation allowance adjustments     (10.6 )     4.8       (12.7 )     4.0  
        Return to provision, audit adjustments, and reserves related to prior periods     (3.5 )     (3.6 )     (2.3 )     (1.0 )
        Other adjustments     0.1       (1.4 )     (0.5 )     (1.6 )
        Total other adjustments   $ 1.3     $ (13.7 )   $ (1.7 )   $ (11.5 )
                                         

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

            Years Ended December 31,
              2024     2023  
        Reconciliation of Net income (loss) attributable to TransUnion to Consolidated Adjusted EBITDA:        
        Net income (loss) attributable to TransUnion   $ 284.4   $ (206.2 )
        Discontinued operations, net of tax     —     0.7  
        Income (loss) from continuing operations attributable to TransUnion   $ 284.4   $ (205.4 )
        Net interest expense     236.7     267.5  
        Provision for income taxes     98.8     44.7  
        Depreciation and amortization     537.8     524.4  
        EBITDA   $ 1,157.7   $ 631.2  
        Adjustments to EBITDA:        
        Stock-based compensation   $ 121.2   $ 100.6  
        Goodwill impairment1     —     414.0  
        Mergers and acquisitions, divestitures and business optimization2     26.5     34.6  
        Accelerated technology investment3     84.2     70.6  
        Operating model optimization program4     94.8     77.6  
        Net other5     21.8     15.2  
        Total adjustments to EBITDA   $ 348.7   $ 712.5  
        Leverage Ratio Adjusted EBITDA   $ 1,506.3   $ 1,343.7  
                 
        Total debt   $ 5,147.2   $ 5,340.4  
        Less: Cash and cash equivalents     679.5     476.2  
        Net Debt   $ 4,467.8   $ 4,864.2  
                 
        Ratio of Net Debt to Net income (loss) attributable to TransUnion     15.7     (23.6 )
        Leverage Ratio6     3.0     3.6  
                       

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
          Years Ended December 31,
            2024     2023  
        Transaction and integration costs $ 11.2   $ 30.9  
        Fair value and impairment adjustments   8.4     1.6  
        Post-acquisition adjustments   7.0     4.3  
        Transition services agreement income   —     (2.5 )
        Loss on business disposal   —     0.3  
        Total mergers and acquisitions, divestitures and business optimization $ 26.5   $ 34.6  
                     
        3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
          Years Ended December 31,
            2024     2023
        Foundational Capabilities $ 35.7   $ 35.8
        Migration Management   43.2     29.6
        Program Enablement   5.4     5.2
        Total accelerated technology investment $ 84.2   $ 70.6
                   
        4. Operating model optimization consisted of the following adjustments:
           
          Years Ended December 31,
            2024     2023
        Employee separation $ 24.7   $ 71.9
        Facility exit   42.1     3.4
        Business process optimization   28.0     2.3
        Total operating model optimization $ 94.8   $ 77.6
                   
        5. Net other consisted of the following adjustments:
           
          Years Ended December 31,
            2024       2023  
        Deferred loan fee expense from debt prepayments and refinancings $ 17.8     $ 9.3  
        Other debt financing expenses   2.4       2.2  
        Currency remeasurement on foreign operations   2.1       4.8  
        Other non-operating (income) and expense   (0.5 )     (1.0 )
        Total other adjustments $ 21.8     $ 15.2  
                       
        6. We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
           
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024     2023     2024     2023
                       
        U.S. Markets $ 101.1   $ 101.3   $ 400.5   $ 393.6
        International   35.2     30.9     133.3     126.4
        Corporate   0.9     1.1     3.9     4.4
        Total depreciation and amortization $ 137.3   $ 133.3   $ 537.8   $ 524.4

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

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

          Three Months Ended March 31, 2025   Year Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 71     $ 77     $ 335     $ 362  
        Interest, taxes and depreciation and amortization   222       225       923       935  
        EBITDA $ 293     $ 301     $ 1,258     $ 1,298  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   83       83       292       292  
        Adjusted EBITDA $ 376     $ 384     $ 1,549     $ 1,590  
                       
        Net income attributable to TransUnion margin   6.7 %     7.1 %     7.7 %     8.3 %
        Consolidated Adjusted EBITDA margin2   35.5 %     35.8 %     35.8 %     36.2 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.36     $ 0.39     $ 1.68     $ 1.82  
        Adjustments to diluted earnings per share1   0.60       0.60       2.25       2.26  
        Adjusted Diluted Earnings per Share $ 0.96     $ 0.99     $ 3.93     $ 4.08  

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

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

        The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Provides First Quarter 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q4 2024 Revenues, Gross Margin and EPS All Surpassed Guidance Range Issued on November 7, 2024
    Company Q1 2025 Guidance: Revenues to Decrease 8.5% to 12.5% QoQ,
    Gross Margin is Expected to be Around 30.5%. Profit per Diluted ADS to be 9.0 Cents to 11.0 Cents

    • Q4 2024 revenues registered $237.2 million, an increase of 6.7% QoQ, significantly exceeding guidance range of a slight decrease to flat, primarily driven by stronger order momentum across product lines
    • Q4 2024 Gross margin reached 30.5%, exceeding guidance of flat to slightly up, driven by a favorable product mix and cost improvements. Up from 30.0% in the Q3 2024
    • Q4 2024 after-tax profit was $24.6M, or 14.0 cents per diluted ADS, considerably above the guidance range of 9.3 cents to 11.0 cents
    • Company’s full year 2024 revenues were $906.8 million, and gross margin was 30.5%. 2024 profit attributable to shareholders was $0.46 per fully diluted ADS
    • Company’s Q1 2025 revenues to decline 8.5% to 12.5% QoQ, reflecting the low season demand due to Lunar New Year holidays. The Q1 revenue guidance implies flat to 4.6% increase YoY. Gross margin to be around 30.5%, up from 29.3% same quarter last year. Profit per diluted ADS to be in the range of 9.0 cents to 11.0 cents, implying the increase of 26% to 54% YoY
    • Himax sales revenues in each quarter of 2024 consistently outperformed guidance, demonstrating its ability to handle most of rush orders, underscoring its strong ability in inventory management and swift market responsiveness
    • Full year 2024 automotive driver IC sales increased nearly 20% YoY, significantly outpacing global automotive growth, largely driven by the continued TDDI adoption among major customers across all continents. Himax continues to reinforce its market leadership in automotive TDDI, holding well over 50% market share
    • Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. Small-scale production of the first-gen CPO underway, with acceleration of future CPO generation development, in close collaboration with AI customers/partners. Company believes prospect of CPO remains unchanged
    • WiseEye, building on the success with Dell, has achieved notable progress with other leading NB brands. Also made breakthroughs in smart door lock, palm vein authentication and smart home. Himax anticipates a strong growth trajectory in WiseEye business in 2025 and beyond
    • At CES 2025, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR
    • Rising enthusiasm in AR glasses with Gen AI in CES 2025. Himax offers three critical technologies for AR glasses, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI
    • Himax is well-positioned to capitalize on the trend of the premium NB to adopt OLED displays and touch features. Confident to lead in the rapidly evolving landscape of AI PCs and premium NB, offering a comprehensive IC portfolio for both LCD and OLED NB

    TAINAN, Taiwan, Feb. 13, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year 2024 ended December 31, 2024.

    “In 2024, our sales revenues in each quarter consistently outperformed guidance. We have consistently demonstrated our ability to handle most of rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI,” continued Mr. Jordan Wu.

    “Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. The prospect of CPO remains unchanged and the widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth,” concluded Mr. Jordan Wu.

    Fourth Quarter 2024 Financial Results

    Himax net revenues registered $237.2 million, an increase of 6.7% sequentially, significantly exceeding Company’s guidance range of a slight decrease to flat, and up 4.2% year-over-year. Gross margin reached 30.5%, exceeding its guidance of flat to slightly up from 30.0% in the previous quarter, and up from 30.3% in the same period last year. The sequential increase was driven by a favorable product mix and cost improvements. Q4 profit per diluted ADS was 14.0 cents, considerably above the guidance range of 9.3 cents to 11.0 cents, thanks to better-than-expected revenues and improved costs.

    Revenue from large display drivers came in at $25.0 million, reflecting a 18.6% sequential decline. The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals, as well as heightened price competition from Chinese peers. Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter, compared to 13.8% last quarter and 14.8% a year ago.

    Small and medium-sized display driver segment totaled $166.8 million, an increase of 7.4% sequentially, exceeding its guidance of flat quarter-over-quarter, thanks to stronger-than-expected sales in the automotive and tablet markets. Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase, significantly outperforming Company’s expectation of a single digit increase, with both DDIC and TDDI showing stronger-than-expected sales. This surge was primarily driven by continued rush orders from Chinese panel customers, carried over from Q3, following the Chinese government’s renewed trade-in stimulus initiative announced in mid-August 2024 to boost automobile consumption. Remarkably, Himax’s Q4 automotive TDDI sales have exceeded DDIC sales for the first time, underscoring the global adoption of Company’s TDDI solutions, which are increasingly essential in modern vehicles, and reflects the growing demand for more intuitive, interactive, and cost-effective touch panel features powered by TDDI technology. Himax’s automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues. Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly sequentially driven by rush orders from leading end customers. Q4 smartphone IC sales declined slightly, in line with its guidance. The small and medium-sized driver IC segment accounted for 70.3% of total sales for the quarter, compared to 69.9% in the previous quarter and 71.6% a year ago.

    Fourth quarter revenues from its non-driver business reached $45.4 million, exceeding the guidance range, with a 24.9% increase from the previous quarter. The growth was primarily driven by a one-time ASIC Tcon product shipment to a leading projector customer and Tcon for monitor application. In Q4, automotive Tcon sales continued to grow sequentially, due to the widespread adoption of Himax’s market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide. Non-driver products accounted for 19.2% of total revenues, as compared to 16.3% in the previous quarter and 13.6% a year ago.  

    Fourth quarter operating expenses were $49.2 million, a decrease of 19.1% from the previous quarter and a decline of 6.0% from a year ago. The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses. As part of Company’s standard practice, Himax grants annual bonuses, including cash and RSUs, to employees at the end of September each year. This results in higher IFRS operating expenses in the third quarter compared to the other quarters of the year. The year-over-year decrease was mainly due to a decline in employee bonus compensation as the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls, with full-year 2024 operating expenses declining 5.6% compared to last year.

    Fourth quarter operating income was $23.1 million or 9.7% of sales, compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year. The sequential increase was primarily the result of higher sales, improved gross margin, and lower operating expenses. The year-over-year increase was primarily the result of higher sales, higher gross margin, and lower employee bonus compensation due to the amortized portion of the prior year’s bonuses. Fourth-quarter after-tax profit was $24.6 million, or 14.0 cents per diluted ADS, reflecting a meaningful increase from $13.0 million, or 7.4 cents per diluted ADS last quarter, and up from $23.6 million, or 13.5 cents in the same period last year.

    Full Year 2024 Financial

    Revenues totaled $906.8 million, a slight decline of 4.1% compared to 2023. Persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by Company’s panel customers. Given this uncertainty, Himax implemented strict expense controls, resulting in a 5.6% reduction in operating expenses for the year. However, Company’s optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year-over-year in 2024, far outpacing the overall automotive market growth. Among Company’s automotive product lines, automotive TDDI and Tcon sales, both relatively new technologies, surged by more than 70%, driven by accelerated adoption across the board. This growth strengthened Company’s market leadership and positions Himax well for continued success as the automotive sector embraces more advanced technology resulting from the mega trend of increasing size, quantity, and sophistication of displays inside vehicles.

    Revenue from large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year-over-year, and representing 13.9% of total sales, as compared to 18.6% in 2023. Small and medium-sized driver sales totaled $625.4 million, reflecting a slight decrease of 0.6% year-over-year, and accounting for 69.0% of its total revenues, as compared to 66.5% in 2023. Non-driver product sales totaled $155.5 million, an increase of 10.6% year-over-year, and representing 17.1% of Company’s total sales, as compared to 14.9% a year ago.

    Gross margin in 2024 was 30.5%, up from 27.9% in 2023. The margin expansion was driven by a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and Tcon. The successful diversification of foundry sources also contributed to the margin increase.

    Operating expenses in 2024 were $208.0 million, a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million, or 7.5% of sales, an increase from $43.2 million, or 4.6% of sales, in 2023. Himax’s net profit for 2024 was $79.8 million, or $0.46 per diluted ADS, significantly up from $50.6 million, or $0.29 per diluted ADS in 2023.

    Balance Sheet and Cash Flow

    Himax had $224.6 million of cash, cash equivalents and other financial assets as of December 31, 2024. This compares to $206.4 million at the same time last year and $206.5 million a quarter ago. Himax achieved a strong positive operating cash flow of $35.4 million for the fourth quarter, compared to a cash outflow of $3.1 million in Q3. Company made a total of $30.1 million annual cash bonus to employees, resulting in the low operating cash flow of the quarter. As of December 31, 2024, Himax had $34.5 million in long-term unsecured loans, with $6.0 million representing the current portion.

    The Company’s inventories as of December 31, 2024 were $158.7 million, lower than $192.5 million last quarter and $217.3 million at the end of last year. Company’s inventory levels have steadily declined over the past couple of quarters and are now at a healthy level. Accounts receivable at the end of December 2024 was $236.8 million, little changed from $224.6 million last quarter and $235.8 million a year ago. DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago. Fourth quarter capital expenditures were $3.2 million, versus $2.6 million last quarter and $15.1 million a year ago. Fourth quarter capex was mainly for R&D related equipment for Company’s IC design business. Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023. The decrease was primarily due to reduced spending on in-house testers for Company’s IC design business in 2024.

    Outstanding Share

    As of December 31, 2024, Himax had 174.9 million ADS outstanding, little changed from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 175.1 million.  

    Q1 2025 Outlook

    In 2024, Himax’s sales revenues in each quarter consistently outperformed guidance. While this strong performance is certainly commendable, it also highlights the challenges Company faced such as limited market visibility and conservative customer demand, where many customers relied on rush orders to address their actual demands. On the other hand, rush orders are indicative of the tight inventory position of Company’s panel customers in general. In the past few quarters, Himax has consistently demonstrated its ability to handle most of such rush orders, underscoring Company’s agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.

    The automotive IC sales remained Company’s largest revenue contributor in 2024, accounting for almost half of total revenues and achieving close to 20% annual growth. This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share. Looking ahead, Himax expects its automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening its market competitiveness. Beyond LCD technology, Himax is advancing development in the automotive OLED sector, with numerous projects currently underway in partnership with leading panel makers. Company anticipates that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidifying its leadership in automotive display market.

    Meanwhile, Himax is actively expanding its technology development beyond display ICs. To that end, in the WiseEye AI segment, Company has made notable progress with leading notebook brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world-leading customers to develop new innovations. Himax anticipates a strong growth trajectory in its WiseEye business in 2025 and beyond.

    Himax’s proprietary wafer-level optics (WLO) technology for co-packaged optics (CPO) has recently garnered significant attention in the capital markets. In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonics connectors, jointly announced the industry-leading CPO technology. The collaboration, spanning several years, unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules (MCM). Since the announcement, Himax has provided updates on the latest progress in each quarterly earnings call. Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption. Additionally, it can help drastically decrease the size and cost of MCM.

    While CPO is still in engineering validation and trial production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruptions from DeepSeek, the prospect of CPO remains unchanged. The widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. This is evident by the significant increase in customer’s recent trial production volume forecast, indicating an accelerated timeline for CPO technology to enter mass production. Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth. Company believes that CPO technology, beyond cloud applications, will see further adoption in sectors such as automotive and robot in the future. Himax’s current goal is to accelerate CPO adoption in cloud applications, thereby helping drive broader CPO adoption in AI applications.

    At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI. Company’s latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see-through AR glasses market. In waveguide, in collaboration with leading tech names, Himax leverages proprietary WLO expertise, built on advanced nanoimprint technology, to offer industry-leading optical solutions that optimize light transmission and display efficiency. In the field of AI sensing for AR glasses, Himax’s WiseEye provides always-on AI sensing capabilities which are being applied by developers to significantly enhance AR interactivity while consuming just a few milliwatts of power.

    In automotive display IC technology, Himax unveiled the industry’s most comprehensive LCD and OLED solutions at CES, showcasing a range of next-generation smart cabin technologies. These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience. A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large-size, high-resolution, and freeform automotive displays.

    At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative, production-ready AIoT applications. These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection. The modules are designed for easy integration, making it highly suitable for various AIoT applications.

    Display Driver IC Businesses

    LDDIC

    In Q1 2025, Himax anticipates a single digit sequential sales increase for large display driver ICs, driven by demand spurred by Chinese government subsidies for household appliances aimed at reviving demand in the sluggish household sector. Notebook and monitor sales are expected to increase in Q1. In contrast, TV IC sales are set to decline as customers pulled forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.

    Looking ahead in the notebook sector, Company is seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. A standout innovation is Company’s pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission. This design simplifies integration for customers, reducing engineering complexity and speeding up product development. This solution also supports high-resolution displays up to 4K and larger screens up to 16 inches, aligning with the growing demand for advanced, visually stunning, and immersive laptops. With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up. For OLED notebooks, in addition to Company’s OLED DDIC and Tcon solutions, Himax is also developing on-cell touch controller technology, with multiple projects underway with top panel makers and notebook vendors. Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. By delivering innovative, cutting-edge technologies, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    On SMDDIC revenue, for the full year 2024, Himax’s automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year-over-year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents. However, Himax anticipates Q1 automotive revenue to decline low teens sequentially, following two quarters of surge demand. Despite this, Q1 automotive sales are still projected to increase by mid-teens on a year-over-year basis. In the automotive TDDI sector, with cumulative shipments significantly surpassing those of Himax’s competitors, Company continues to reinforce its market leadership, which currently stands at well over 50%. With nearly 500 design-in projects secured and a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production, Himax expects to sustain this decent growth in the years ahead. While traditional automotive DDIC sales for 2024 declined due to their gradual, partial replacement by TDDI, Company’s DDIC shipment volume still saw a modest increase in the last year. This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require touch functionality. Furthermore, the long-term trust and loyalty from Company’s DDIC customers, some of whom have relied on Himax’s solutions for over a decade, is indicative of Company’s strong customer retention. Himax continues to lead the automotive DDIC market, maintaining a global market share of approximately 40%.

    Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, power efficiency, and enhanced user experiences. As part of this ongoing innovation, Company’s latest TED (Tcon Embedded Driver IC) solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for its customers. Another new technology worth highlighting is Himax’s automotive TDDI with advanced user-aware touch control, which differentiates between driver and passenger touches to prevent cross-touch and enhance driving safety. In addition, Company offers a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI. This design seamlessly merges in-cell touch technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driving experience.

    Moving to smartphone and tablet IC sales, Himax expects a sequential decline in both product lines, as is typical during the low season in Q1 due to the Lunar New Year.

    On OLED business update. In the automotive OLED market, Company has established strategic partnerships with leading panel makers in Korea, China, and Japan. As OLED technology extends beyond premium car models, Himax is well-positioned as the preferred partner, leveraging Company’s strong presence and proven track record in the automotive LCD display sector. Capitalizing on Himax’s first-mover advantage, Himax aims to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller. Company believes this positions it as a primary beneficiary of the anticipated shift toward OLED displays for high end vehicles in a couple of years, enabling Himax to capture new growth opportunities and further strengthen its market leadership.

    Beyond the automotive sector, Company has also made strides in the tablet and notebook markets, partnering with leading OLED panel makers in Korea and China. Himax’s comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year. In the smartphone OLED market, Company is making solid progress in collaborations with customers in Korea and China and anticipates mass production to start later this year.

    First quarter small and medium-sized display driver IC business is expected to decline low teens sequentially.

    Non-Driver Product Categories

    Q1 non-driver IC revenues are expected to decrease high teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q1 2025 Tcon sales to decrease mid-teens sequentially, primarily due to the non-recurrence of a one-time ASIC Tcon shipment to a leading projector customer last quarter, as well as a moderation in automotive Tcon shipments following several quarters of strong growth. That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide. Company is confident in the continued growth of its automotive Tcon business, supported by its strong market presence in local dimming Tcon, with strong pipeline of over two hundred design-win projects set to gradually enter production in the coming years. Heads-up display (HUD) is another field gaining traction within automotive displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application. Himax’s industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption. It effectively eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, ensuring clear and precise images on the windshield. Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. Several HUD projects are already in progress, and Himax is excited about the potential opportunities ahead. Company is well positioned for continuous growth in automotive Tcon over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices. This not only enhances intuitive user interaction but also makes AI more practical and accessible. Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.

    WiseEye also continues to achieve significant market success across various sectors. For smart door lock, Company collaborated with DESMAN, a leading high-end brand in China, to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Building on this achievement, Himax is expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending application possibilities. Several of these value-added solutions are set to enter production later this year. At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by Company’s tiny form factor, plug-and-play WiseEye Modules. Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms. The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management. By streamlining deployment and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.

    A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others. One standout in Himax’s WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago. Company has secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vendor for its leading smart door lock brands. To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions. This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.

    The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time. A key emerging trend is the integration of cloud-based large language models (LLMs), which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world. Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications. A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI. Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction. Drawing from the success of SenseCAP Watcher, Himax is actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.

    Separately, Himax is excited about its collaboration with a leading AR player to integrate WiseEye AI into the next generation of AR glasses. At CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enable intuitive and seamless human-device interaction. WiseEye AI addresses two critical challenges in AR glasses, namely real-time responsiveness and power efficiency. For example, WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment with real time context-aware AI. This capability powers instant response, real-time object recognition, navigation assistance, translation, and environmental mapping, enhancing the overall AR experience. Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also make it perfectly suited for AR glasses for all-day wear. In another example, Company collaborates with Ganzin on eyeball tracking technology, which, powered by WiseEye, precisely detects subtle eyeball movements, gaze direction, pupil size, and blinking, thereby providing critical data for the enhancement of user interaction in AR glasses.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. In working closely with FOCI, Himax is making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway. The significant increase in Q1 engineering validation and trial production volume, combined with the anticipated sample volume increases in the coming quarters, is a strong indication that CPO technology is being accelerated toward mass production. In addition, in close collaboration with leading AI customers/partners, Himax is speeding up the development of CPO technology for the next few generations. Himax is more optimistic than ever about the outlook for its WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.

    Alongside the CPO progress, Company is witnessing a rise in engineering collaborations with global technology leaders who are utilizing Himax’s WLO expertise to make advanced waveguides for AR glasses, highlighting the growing recognition of Company’s WLO capabilities.

    LCoS

    On the update on LCoS, Company recently introduced its industry-leading 400K nits ultra-luminous Front-lit LCoS Microdisplay, setting a new benchmark for brightness with extremely low power consumption of merely 300mW. At CES 2025, Company showcased an AR glasses POC (Proof-Of-Concept) featuring the microdisplay with a third-party waveguide, achieving over 1,000 nits of brightness to the eye. This demonstration highlighted its suitability for outdoor, high ambient light conditions. With a lightweight of just 0.98 grams and ultra-compact form factor of less than 0.5 c.c., combined with excellent color performance, Himax’s Front-lit LCoS Microdisplay is ideal for all-day AR glasses and underscores the technology’s readiness for real-world applications.

    Following the recent release of Himax’s 400K nits ultra-luminous Front-lit LCoS Microdisplay, Himax is actively engaged in significant projects through strategic collaborations with industry leaders. Himax’s proven track record of over a decade in LCoS technology, coupled with a history of successful production shipments, highlights Company’s readiness to meet the demands of large-scale production of AR glasses.

    First Quarter 2025 Guidance
    Net Revenue: Decrease 8.5% to 12.5% QoQ, Flat to Up 4.6% YoY
    Gross Margin: Around 30.5%, depending on final product mix
    Profit: 9.0 cents to 11.0 cents per diluted ADS, Up 26% to 54% YoY  
       

    Himax noticed that some peers’ customers placed orders early due to tariff factors, especially in the consumer electronics sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand. In contrast, no similar trend has been observed in the automotive semiconductor market. Since Himax’s automotive business accounts for more than half of its total revenues, Himax’s Q1 revenue forecast has not benefited from tariff factors.

    HIMAX TECHNOLOGIES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS CONFERENCE CALL
    DATE: Thursday, February 13, 2025
    TIME: U.S.       8:00 a.m. EST
    Taiwan  9:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/br8wqbB4
    Toll Free Dial-in Number (Audio Only):
      Hong Kong 2112-1444
    Taiwan 0080-119-6666
    Australia 1-800-015-763
    Canada 1-877-252-8508
    China (1) 4008-423-888
    China (2) 4006-786-286
    Singapore 800-492-2072
    UK 0800-068-8186
    United States (1) 1-800-811-0860
    United States (2) 1-866-212-5567
    Dial-in Number (Audio Only): 
      Taiwan Domestic Access 02-3396-1191
    International Access +886-2-3396-1191
    Participant PIN Code: 3329013 # 
       

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3329013 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until February 13, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Company Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw
      
    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
      Three Months
    Ended December 31,
    		   3 Months
    Ended
    September 30,
        2024       2023       2024  
               
    Revenues          
    Revenues from third parties, net $ 237,182     $ 227,664     $ 222,401  
    Revenues from related parties, net   41       14       6  
        237,223       227,678       222,407  
               
    Costs and expenses:          
    Cost of revenues   164,963       158,669       155,795  
    Research and development   37,584       41,088       46,880  
    General and administrative   5,711       5,831       6,828  
    Sales and marketing   5,886       5,409       7,048  
    Total costs and expenses   214,144       210,997       216,551  
               
    Operating income   23,079       16,681       5,856  
               
    Non operating income (loss):          
    Interest income   2,042       1,934       2,297  
    Changes in fair value of financial assets at fair value through profit or loss   1,245       1,710       27  
    Foreign currency exchange gains (losses), net   690       (1,525 )     457  
    Finance costs   (964 )     (1,140 )     (1,018 )
    Share of losses of associates   (360 )     (14 )     (143 )
    Other losses   –       (1,932 )     –  
    Other income (losses)   60       (362 )     105  
        2,713       (1,329 )     1,725  
    Profit before income taxes   25,792       15,352       7,581  
    Income tax expense (benefit)   761       (7,933 )     (5,174 )
    Profit for the period   25,031       23,285       12,755  
    Loss (profit) attributable to noncontrolling interests   (423 )     280       268  
    Profit attributable to Himax Technologies, Inc. stockholders $ 24,608     $ 23,565     $ 13,023  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.141     $ 0.135     $ 0.075  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.140     $ 0.135     $ 0.074  
               
    Basic Weighted Average Outstanding ADS   175,008       174,724       174,727  
    Diluted Weighted Average Outstanding ADS   175,146       174,979       174,987  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
       
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Revenues        
    Revenues from third parties, net   $ 906,737     $ 945,309  
    Revenues from related parties, net     65       119  
          906,802       945,428  
             
    Costs and expenses:        
    Cost of revenues     630,601       681,931  
    Research and development     160,329       171,392  
    General and administrative     24,121       25,037  
    Sales and marketing     23,530       23,856  
    Total costs and expenses     838,581       902,216  
             
    Operating income     68,221       43,212  
             
    Non operating income (loss):        
    Interest income     9,907       8,746  
    Changes in fair value of financial assets at fair value through profit or loss     1,363       1,655  
    Foreign currency exchange gains (losses), net     2,491       (768 )
    Finance costs     (4,014 )     (6,080 )
    Share of losses of associates     (831 )     (598 )
    Other losses     –       (1,932 )
    Other income     198       158  
          9,114       1,181  
    Profit before income taxes     77,335       44,393  
    Income tax benefit     (2,435 )     (5,028 )
    Profit for the period     79,770       49,421  
    Loss (profit) attributable to noncontrolling interests     (15 )     1,195  
    Profit attributable to Himax Technologies, Inc. stockholders   $ 79,755     $ 50,616  
             
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
             
    Basic Weighted Average Outstanding ADS     174,796       174,495  
    Diluted Weighted Average Outstanding ADS     175,014       174,783  
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
        December 31,
    2024    		   December 31,
    2023    		   September 30,
    2024
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 218,148     $ 191,749     $ 194,139  
    Financial assets at amortized cost     4,286       12,511       12,335  
    Financial assets at fair value through profit or loss     2,140       2,117       –  
    Accounts receivable, net (including related parties)     236,813       235,829       224,589  
    Inventories     158,746       217,308       192,458  
    Income taxes receivable     726       1,454       986  
    Restricted deposit     503,700       453,000       503,700  
    Other receivable from related parties     13       69       22  
    Other current assets     43,471       86,548       42,581  
    Total current assets     1,168,043       1,200,585       1,170,810  
    Financial assets at fair value through profit or loss     23,554       21,650       26,383  
    Financial assets at fair value through other comprehensive income     28,226       1,635       22,457  
    Equity method investments     8,571       3,490       2,945  
    Property, plant and equipment, net     121,280       130,109       122,333  
    Deferred tax assets     21,193       14,196       13,806  
    Goodwill     28,138       28,138       28,138  
    Other intangible assets, net     636       816       717  
    Restricted deposit     31       32       31  
    Refundable deposits     221,824       222,025       221,879  
    Other non-current assets     18,025       20,728       18,484  
          471,478       442,819       457,173  
         Total assets   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Liabilities and Equity            
    Current liabilities:            
    Current portion of long-term unsecured borrowings   $ 6,000     $ 6,000     $ 6,000  
    Short-term secured borrowings     503,700       453,000       503,700  
    Accounts payable (including related parties)     113,203       107,342       121,384  
    Income taxes payable     9,514       15,309       2,324  
    Other payable to related parties     –       110       –  
    Contract liabilities-current     10,622       17,751       25,694  
    Other current liabilities     63,595       109,291       54,673  
    Total current liabilities     706,634       708,803       713,775  
    Long-term unsecured borrowings     28,500       34,500       30,000  
    Deferred tax liabilities     564       520       505  
    Other non-current liabilities     7,496       35,879       11,361  
          36,560       70,899       41,866  
    Total liabilities     743,194       779,702       755,641  
    Equity            
    Ordinary shares     107,010       107,010       107,010  
    Additional paid-in capital     115,376       114,648       115,285  
    Treasury shares     (5,546 )     (5,157 )     (4,714 )
    Accumulated other comprehensive income     8,621       (180 )     3,507  
    Retained earnings     664,600       640,447       644,596  
    Equity attributable to owners of Himax Technologies, Inc.     890,061       856,768       865,684  
    Noncontrolling interests     6,266       6,934       6,658  
    Total equity     896,327       863,702       872,342  
         Total liabilities and equity   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
     
        Three Months
    Ended December 31,    		   Three Months Ended
    September 30,
          2024       2023       2024  
                 
    Cash flows from operating activities:            
    Profit for the period   $ 25,031     $ 23,285     $ 12,755  
    Adjustments for:            
    Depreciation and amortization     5,564       5,115       5,640  
    Share-based compensation expenses     103       346       407  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )     –  
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932       –  
    Changes in fair value of financial assets at fair value through profit or loss     (1,245 )     (1,710 )     (27 )
    Interest income     (2,042 )     (1,934 )     (2,297 )
    Finance costs     964       1,140       1,018  
    Income tax expense (benefit)     761       (7,933 )     (5,174 )
    Share of losses of associates     360       14       143  
    Inventories write downs     4,037       5,727       2,269  
    Unrealized foreign currency exchange losses (gains)     (159 )     1,517       228  
          33,378       27,131       14,962  
    Changes in:            
    Accounts receivable (including related parties)     (27,302 )     8,163       8,548  
    Inventories     29,675       36,580       8,964  
    Other receivable from related parties     9       (29 )     33  
    Other current assets     2,502       (5,682 )     (778 )
    Accounts payable (including related parties)     (7,706 )     (627 )     (26,101 )
    Other payable to related parties     1       363       (102 )
    Contract liabilities     6       (958 )     667  
    Other current liabilities     2,508       3,014       (4,161 )
    Other non-current liabilities     71       393       (3,354 )
    Cash generated from operating activities     33,142       68,348       (1,322 )
    Interest received     3,513       2,665       860  
    Interest paid     (1,047 )     (1,140 )     (1,018 )
    Income tax paid     (191 )     (1,131 )     (1,658 )
    Net cash provided by (used in) operating activities     35,417       68,742       (3,138 )
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment     (3,222 )     (15,052 )     (2,551 )
    Proceeds from disposal of property, plant and equipment     –       111       –  
    Acquisitions of intangible assets     –       (40 )     (9 )
    Acquisitions of financial assets at amortized cost     (2,286 )     (4,573 )     (1,500 )
    Proceeds from disposal of financial assets at amortized cost     10,289       784       617  
    Acquisitions of financial assets at fair value through profit or loss     (6,807 )     (5,375 )     (27,934 )
    Proceeds from disposal of financial assets at fair value through profit or loss     3,722       1,645       33,036  
    Acquisitions of financial assets at fair value through other comprehensive income     –       (1,379 )     –  
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99       –  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433       –  
    Proceeds from capital reduction of investment     338       360       –  
    Acquisitions of equity method investment     (1,236 )     –       –  
    Decrease (increase) in refundable deposits     (8 )     –       11,339  
    Net cash provided by (used in) investing activities     (4,626 )     (22,987 )     12,998  
                 
    Cash flows from financing activities:            
    Purchase of treasury shares     (832 )     –       –  
    Prepayments for purchase of treasury shares     (2,168 )     –       –  
    Payments of cash dividends     –       –       (50,670 )
    Payments of dividend equivalents     –       –       (233 )
    Proceeds from issuance of new shares by subsidiaries     –       916       –  
    Purchases of subsidiaries shares from noncontrolling interests     –       (9 )     –  
    Proceeds from short-term unsecured borrowings     –       36,932       –  
    Repayments of short-term unsecured borrowings     –       (37,226 )     –  
    Repayments of long-term unsecured borrowings     (1,500 )     (1,500 )     (1,500 )
    Proceeds from short-term secured borrowings     461,400       427,100       522,600  
    Repayments of short-term secured borrowings     (461,400 )     (427,100 )     (471,900 )
    Pledge of restricted deposit     –       –       (50,700 )
    Payment of lease liabilities     (1,340 )     (1,244 )     (979 )
    Guarantee deposits received (refunded)     219       (5 )     –  
    Net cash used in financing activities     (5,621 )     (2,136 )     (53,382 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (1,161 )     873       985  
    Net increase (decrease) in cash and cash equivalents     24,009       44,492       (42,537 )
    Cash and cash equivalents at beginning of period     194,139       147,257       236,676  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749     $ 194,139  
                 
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Cash flows from operating activities:        
    Profit for the period   $ 79,770     $ 49,421  
    Adjustments for:        
    Depreciation and amortization     22,354       20,322  
    Share-based compensation expenses     1,247       2,663  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932  
    Changes in fair value of financial assets at fair value through profit or loss     (1,363 )     (1,655 )
    Interest income     (9,907 )     (8,746 )
    Finance costs     4,014       6,080  
    Income tax benefit     (2,435 )     (5,028 )
    Share of losses of associates     831       598  
    Inventories write downs     13,551       21,540  
    Unrealized foreign currency exchange losses (gains)     (171 )     624  
          107,895       87,383  
    Changes in:        
    Accounts receivable (including related parties)     (40,738 )     20,804  
    Inventories     45,011       132,090  
    Other receivable from related parties     56       5  
    Other current assets     3,941       (3,863 )
    Accounts payable (including related parties)     14,567       7,676  
    Other payable to related parties     (110 )     (268 )
    Contract liabilities     45       (37,051 )
    Other current liabilities     (9,010 )     1,246  
    Other non-current liabilities     (2,260 )     (4,602 )
    Cash generated from operating activities     119,397       203,420  
    Interest received     9,732       8,567  
    Interest paid     (4,015 )     (6,080 )
    Income tax paid     (9,138 )     (53,066 )
    Net cash provided by operating activities     115,976       152,841  
             
    Cash flows from investing activities:        
    Acquisitions of property, plant and equipment     (13,054 )     (23,378 )
    Proceeds from disposal of property, plant and equipment     –       111  
    Acquisitions of intangible assets     (153 )     (115 )
    Acquisitions of financial assets at amortized cost     (11,236 )     (6,911 )
    Proceeds from disposal of financial assets at amortized cost     19,457       3,099  
    Acquisitions of financial assets at fair value through profit or loss     (76,003 )     (82,628 )
    Proceeds from disposal of financial assets at fair value through profit or loss     70,389       75,539  
    Acquisitions of financial assets at fair value through other comprehensive income     (17,164 )     (1,379 )
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433  
    Proceeds from capital reduction of investment     338       360  
    Acquisitions of equity method investment     (1,236 )     –  
    Decrease (increase) in refundable deposits     33,562       (56,933 )
    Cash received in advance from disposal of land     –       2,821  
    Net cash used in investing activities     (516 )     (88,882 )
             
    Cash flows from financing activities:        
    Purchase of treasury shares     (832 )     –  
    Prepayments for purchase of treasury shares     (2,168 )     –  
    Payments of cash dividends     (50,670 )     (83,720 )
    Payments of dividend equivalents     (233 )     (148 )
    Proceeds from issuance of new shares by subsidiary     71       916  
    Purchases of subsidiaries shares from noncontrolling interests     (190 )     (9 )
    Proceeds from short-term unsecured borrowings     –       47,226  
    Repayments of short-term unsecured borrowings     –       (47,226 )
    Repayments of long-term unsecured borrowings     (6,000 )     (6,000 )
    Proceeds from short-term secured borrowings     1,780,300       1,383,300  
    Repayments of short-term secured borrowings     (1,729,600 )     (1,299,600 )
    Pledge of restricted deposit     (50,700 )     (83,700 )
    Payment of lease liabilities     (5,032 )     (4,830 )
    Guarantee deposits received (refunded)     (23,163 )     200  
    Net cash used in financing activities     (88,217 )     (93,591 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (844 )     (200 )
    Net increase (decrease) in cash and cash equivalents     26,399       (29,832 )
    Cash and cash equivalents at beginning of period     191,749       221,581  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749  

    The MIL Network –

  • MIL-OSI: Middlefield Canadian Income PCC – Statement re Notice of Requisition of a General Meeting

    Source: GlobeNewswire (MIL-OSI)

    13 February 2025

    Middlefield Canadian Income PCC (the “Company”)
    including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
    Registered No:  93546
    Legal Entity Identifier: 2138007ENW3JEJXC8658

    Notice of Requisition of a General Meeting

    The Board of Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) announces that it has received a letter from a nominee account acting on behalf of the custodian and prime broker for Saba Capital Management, L.P. requisitioning the Board to convene a general meeting of shareholders (the “Requisition”).

    The Requisition proposes that shareholders be asked to consider, and, if thought fit approve, the taking by the Company of all necessary steps to implement a scheme or process by which shareholders would become (or have the option to become) shareholders of a UK-listed open-ended investment company (or similar open-ended investment vehicle) implementing a substantially similar strategy to the Company, and which could entail shareholders rolling into an existing or newly established UK-listed open-ended investment company (or similar open-ended investment vehicle), in either case managed by the Company’s existing investment manager or one of its affiliates.

    The Board is committed to acting in the best interests of all shareholders and will make a further announcement regarding the Requisition in due course. Accordingly, the Board recommends that shareholders take no action at this time.

    For further information, please contact:

    Middlefield Canadian Income – GBP PC                                via Investec Bank plc
    Michael Phair (Chairman)

    Investec Bank plc
    Corporate Broker
    Helen Goldsmith/David Yovichic
    Tel: 020 7597 4000

    JTC Fund Solutions (Jersey) Limited
    Secretary
    Matt Tostevin/Hilary Jones/Jade Livesey
    Tel: 01534 700 000

    Buchanan
    PR Advisers
    Charles Ryland/Henry Wilson
    Tel: 020 7466 5000

    The MIL Network –

  • MIL-OSI Economics: Global deal activity down 8.4% YoY in January 2025, reveals GlobalData

    Source: GlobalData

    Global deal activity (mergers & acquisitions (M&A), private equity (PE) and venture financing) experienced an 8.4% decline year-on-year (YoY) in January 2025 with decrease in deal volume observed across all the regions. Asia-Pacific and Europe faced the sharpest declines, while certain markets like India, Japan, and Germany saw growth according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that a total of 3,800 deals were announced globally during January 2025, which is a fall from 4,148 deals announced globally during the same period in the previous year.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in deal activity across all the regions reflects the current challenges and uncertainties. Asia-Pacific and Europe experienced the most significant downturns, with their respective deal volume declining by 10.2% and 14.5% YoY during January 2025.”

    On the other hand, the total number of deals announced in North America, Middle East and Africa, and South and Central American regions were down by 1.9%, 5.5% and 23.8%, respectively.

    Among the select key markets, China, the UK, Canada, South Korea, France and Australia experienced YoY decline in their deal volume by 30.4%, 20.5%, 18.9%, 28.3%, 16.7% and 17.3% respectively, while markets such as India, Japan, and Germany showed improvement in deal activity by 27.3%, 35% and 8.2%, respectively.

    Meanwhile the trend remained a mixed bag across the different deal types under coverage. Venture financing deals volume saw YoY decline of 9.4% during January 2025 while the number of M&A deals fell by 8.6%. However, private equity deals experienced improvement in volume by 4.5% during the review period.

    Bose concludes: “The data reveals a challenging landscape for global deal activity, with a broad decline in deal volumes, particularly in certain key markets. In this shifting environment, it will be crucial for investors to stay vigilant, closely monitor these trends, and adjust their strategies to effectively navigate the evolving market dynamics.”

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Minister of International Development of Canada

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Minister of International Development of Canada Ahmed Hussen, at the ASEAN Headquarters/ASEAN Secretariat. They discussed ways to further strengthen and deepen the ASEAN-Canada Strategic Partnership, through cooperation in areas of mutual interest, among others.

    The post Secretary-General of ASEAN meets with Minister of International Development of Canada appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Canada: Alberta’s commitment to border security: Minister Ellis and Minister Amery

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: Empowering Albertans with disabilities | Autonomiser les Albertains en situation de handicap

    [embedded content]

    People with disabilities shouldn’t have to choose between getting the support they need and having the opportunity to pursue a meaningful career. Albertans with disabilities and the organizations that support them have said loud and clear they want supports that meet their unique needs and abilities, rather than the current one-size-fits-all solution.

    In response to that request, Alberta’s government is creating a new Alberta Disability Assistance Program (ADAP), which will launch in July 2026. This new benefit program for people with disabilities will empower Albertans with disabilities to pursue fulfilling job opportunities while continuing to receive the benefits they need.

    “People with disabilities should not be punished for getting a job. Every dollar they earn on a paycheque should be helping make them better off, not threatening their access to the medication they need. That’s why I am excited to announce the new Alberta Disability Assistance Program, and I look forward to seeing the positive impact that it will have on Albertans with disabilities.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    ADAP was thoughtfully designed based on input from Albertans with disabilities, who stressed the importance of providing pathways to employment for individuals who are able to work but still need supports. Albertans on ADAP will be able to earn more from working while continuing to receive their financial benefits, with higher earning exemptions than any other program. Those on ADAP will also be able to receive the health benefits they need, regardless of their employment income. This new program will ensure more Albertans with disabilities can enjoy the benefits of working like earning a paycheque, developing skills and building relationships, while still receiving supports that meet their unique needs and abilities.

    “I strongly believe in empowering persons with disabilities to reach their full potential, and I also strongly believe that all people deserve to pursue their goals and aspirations without barriers. By creating this program, the province is making it easier for Albertans to find success. ADAP will truly help to improve the quality of life of persons with disabilities, and I look forward to seeing the positive impact of this new program.”

    Greg McMeekin, Alberta’s advocate for persons with disabilities

    Through ADAP, Albertans with disabilities will not only receive the financial and health benefits they rely on, but they will also have access to the resources and tools they need to gain new skills and work to their full potential. To support this, Alberta’s government will be investing more to expand employment supports and encourage private sector employers to break down barriers to employment for people with disabilities. By providing pathways to employment for individuals who are able to work but still need supports, Alberta’s government is empowering people with disabilities to pursue their passions, leading to a greater sense of purpose and improved quality of life.

    “At Prospect Human Services, we’ve been helping individuals with disabilities build sustainable, well-paying careers for more than 60 years – and we know it’s possible. With ADAP, Alberta is breaking down the barriers that have long separated support from opportunity, creating a pathway for people to realize their full potential while maintaining essential benefits. We applaud the Alberta government for designing a flexible initiative that offers stability and empowers Albertans with disabilities to embrace the transformative power of employment.”

    Kevin McNichol, CEO of Prospect Human Services

    Alberta provides some of the most comprehensive supports in the country for people with disabilities, and the long-standing Assured Income for the Severely Handicapped (AISH) program will still be there for those with permanent and severe disabilities who are unable to work. Those currently on AISH will continue to receive their benefits, and applications will continue to be processed to ensure eligible applicants receive benefits as soon as possible. Alberta’s government is committed to ensuring that the province continues to have the best disability programs in Canada.

    “Today is a tremendous day that has been a long time coming. ADAP means faster access to more appropriate support and will be a significant step toward making Alberta the most accessible province in Canada. This will encourage participation and connection in our communities, while maintaining predictable, vital supports for every Albertan who needs them. We look forward to helping shape this groundbreaking program.”

    Jacob McGregor, chair of Premier’s Council for the Status of Persons with Disabilities

    Starting in July 2026, disability income assistance applicants will be assessed for both the new program and AISH, ensuring eligible applicants are placed in the program best suited to their unique situation. To make the medical assessment process quicker and more accessible, applicants will be connected with a roster of pre-qualified medical professionals who are able to complete their comprehensive medical assessment. Additionally, application approvals will be streamlined by establishing a new review panel made up of medical professionals with the expertise required to better understand the needs of applicants. These improvements will ensure Albertans with disabilities are able to get the supports they need sooner.

    “For many people with disabilities, employment isn’t just about earning a paycheck – it’s about purpose, independence and inclusion. This program can allow for new opportunities for individuals to contribute to their communities in ways that work for them.”

    Katherine Such, CEO of Easter Seals Alberta Society

    Quick facts

    • In 2024, the province invested more than $3.5 billion to support Albertans with disabilities, the highest amount ever.
    • The new Alberta Disability Assistance Program will become operational in July 2026.
    • Those currently on AISH will continue to receive their benefits.
      • All existing AISH clients will receive more information about the new program in March.
      • Clients can also contact their worker or Alberta Supports if they have questions or want additional information. 

    Related information

    • Alberta Disability Assistance Program
    • Fact sheet

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    Le gouvernement de l’Alberta lancera un nouveau programme destiné aux Albertains en situation de handicap afin qu’ils puissent recevoir le soutien dont ils ont besoin tout en poursuivant une carrière valorisante.

    Les personnes en situation de handicap ne devraient pas avoir à choisir entre obtenir un soutien nécessaire et avoir la possibilité de mener une carrière enrichissante. Les Albertains en situation de handicap et les organisations qui les soutiennent ont clairement exprimé leur souhait d’un accompagnement mieux adapté aux besoins individuels, plutôt qu’une approche unique et standardisée.

    En réponse à cette demande, le gouvernement de l’Alberta met en place un nouveau programme d’aide aux personnes en situation de handicap, le Programme d’Aide aux Personnes en Situation de Handicap de l’Alberta (ADAP), qui sera lancé en juillet 2026. Ce nouveau programme d’aide offrira aux Albertains en situation de handicap la possibilité d’accéder à des emplois épanouissants tout en leur permettant de recevoir les prestations dont ils ont besoin.

    “Les personnes en situation de handicap ne devraient pas être pénalisées parce qu’elles ont un travail. Chaque dollar qu’elles gagnent grâce à leur emploi devrait les aider à mieux vivre, et non rendre problématique l’accès à des médicaments essentiels. C’est pourquoi je suis ravi d’annoncer le lancement du Programme d’Aide aux Personnes en Situation de Handicap de l’Alberta, et je me réjouis des retombées positives qu’il aura sur les Albertains concernés.”

    Jason Nixon, ministre des Aînés, des Communautés et des Services sociaux

    L’ADAP a été conçu avec soin en tenant compte de l’avis des Albertains en situation de handicap. Ces derniers ont, en effet, souligné l’importance d’offrir des voies d’accès à l’emploi aux personnes handicapées capables de travailler même si elles ont toujours besoin de soins ou de soutien. Grâce à l’ADAP, les Albertains admissibles pourront augmenter leur revenu d’emploi tout en conservant leurs prestations financières, bénéficiant ainsi des exemptions de revenu les plus avantageuses de tous les programmes existants. Les bénéficiaires de l’ADAP pourront également continuer de recevoir les prestations de santé dont ils ont besoin, quel que soit leur revenu d’emploi. Grâce à ce nouveau programme, plus d’Albertains en situation de handicap pourront travailler et profiter des bienfaits d’un emploi, comme recevoir une paie, apprendre de nouvelles compétences et tisser des liens, tout en conservant un soutien adapté à leurs besoins spécifiques.

    “Je crois fermement qu’il est essentiel de donner aux personnes en situation de handicap les moyens d’atteindre leur plein potentiel. Et je suis tout aussi convaincu que chacun mérite de poursuivre ses objectifs et ses aspirations sans obstacle. Grâce à ce programme, la province aide les Albertains à atteindre leurs objectifs et à réussir. L’ADAP contribuera à améliorer réellement la qualité de vie des personnes en situation de handicap, et je me réjouis des effets positifs que ce programme apportera.”

    Greg McMeekin, défenseur des droits des personnes en situation de handicap de l’Alberta

    Grâce à l’ADAP, les Albertains en situation de handicap recevront non seulement les prestations financières et de santé sur lesquelles ils comptent, mais ils auront aussi accès aux ressources et aux outils nécessaires pour acquérir de nouvelles compétences et exploiter pleinement leur potentiel professionnel. Pour soutenir cette initiative, le gouvernement de l’Alberta investira davantage afin d’élargir les mesures de soutien à l’emploi et inciter les employeurs du secteur privé à éliminer les obstacles à l’embauche des personnes en situation de handicap. Le gouvernement de l’Alberta met en place des voies d’accès à l’emploi pour les personnes capables de travailler mais qui ont toujours besoin de soutien. Cette initiative donne à chacun les moyens de poursuivre ses passions et contribue à un plus grand épanouissement ainsi qu’à une meilleure qualité de vie.

    “Chez Prospect Human Services, nous aidons les personnes en situation de handicap à bâtir des carrières durables et bien rémunérées depuis plus de 60 ans – et nous savons que c’est possible. Avec l’ADAP, l’Alberta supprime les obstacles qui, depuis trop longtemps, ont séparé le besoin de soutien et l’accès aux opportunités, permettant aux personnes de développer pleinement leur potentiel tout en maintenant les prestations dont elles ont besoin. Nous remercions le gouvernement de l’Alberta d’avoir conçu une initiative souple qui garantit la stabilité et donne aux Albertains en situation de handicap les moyens de profiter pleinement des bienfaits de l’emploi.”

    Kevin McNichol, président-directeur général de Prospect Human Services

    L’Alberta met à disposition certains des programmes de soutien les plus complets du pays pour les personnes en situation de handicap. Le programme de revenu pour les personnes gravement handicapées (AISH), qui existe depuis longtemps, restera en place pour les personnes qui ont un handicap permanent et sévère les empêchant de travailler. Les bénéficiaires actuels de l’AISH continueront de recevoir leurs prestations, et les demandes continueront d’être traitées afin que les personnes admissibles reçoivent leur aide dans les meilleurs délais. Le gouvernement de l’Alberta s’engage à faire en sorte que la province continue d’offrir les meilleurs programmes de soutien aux personnes en situation de handicap au Canada.

    “C’est un jour marquant qui a été espéré et attendu pendant longtemps. L’ADAP offrira un accès plus efficace à des soutiens mieux adaptés, ce qui fait de l’Alberta un modèle en matière d’accessibilité au Canada. Cette mesure incitera à une plus grande inclusion sociale et communautaire, garantissant aux Albertains en situation de handicap des soutiens fiables et essentiels. Nous nous réjouissons à l’idée de pouvoir apporter notre contribution à ce programme innovant.”

    Jacob McGregor, président du Conseil du premier ministre sur la condition des personnes en situation de handicap

    À compter de juillet 2026, les demandeurs d’aide au revenu pour les personnes en situation de handicap seront évalués à la fois pour le nouveau programme et pour l’AISH, afin de s’assurer que les personnes admissibles soient orientées vers le programme le mieux adapté à leur situation. Pour accélérer et faciliter le processus d’évaluation médicale, les demandeurs seront mis en relation avec un réseau de professionnels de la santé préqualifiés, en mesure de réaliser leur évaluation médicale complète. De plus, l’approbation des demandes sera simplifiée grâce à la mise en place d’un nouveau comité d’examen composé de professionnels de la santé possédant l’expertise nécessaire pour mieux comprendre les besoins des demandeurs. Ces améliorations permettront aux Albertains en situation de handicap d’obtenir plus rapidement le soutien dont ils ont besoin.

    “Pour de nombreuses personnes en situation de handicap, l’emploi ne se résume pas à un salaire – c’est aussi une source d’épanouissement, d’autonomie et d’inclusion. Ce programme offrira de nouvelles occasions aux personnes de contribuer à leur communauté d’une manière qui correspond à leurs capacités et à leurs besoins.”

    Katherine Such, présidente-directrice générale de la Easter Seals Alberta Society

    Faits en bref

    • En 2024, la province a investi plus de 3,5 milliards de dollars pour soutenir les Albertains en situation de handicap, un montant sans précédent.
    • Le Programme d’aide aux personnes en situation de handicap de l’Alberta (ADAP) entrera en vigueur en juillet 2026.
    • Les bénéficiaires actuels de l’AISH continueront de recevoir leurs prestations.
      • Tous les bénéficiaires de l’AISH recevront plus d’informations sur le nouveau programme en mars.
      • Ils peuvent également contacter leur travailleur social ou Alberta Supports pour toute question ou information complémentaire. 

    Informations connexes

    • Programme d’aide aux personnes en situation de handicap de l’Alberta
    • Fiche d’information

    Multimédia

    • Voir la conférence de presse

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Hindi
    • Korean
    • Persian
    • Punjabi
    • Somali
    • Spanish
    • Tagalog
    • Ukrainian
    • Urdu
    • Vietnamese

    MIL OSI Canada News –

  • MIL-OSI Canada: Introducing $15 a day child care for families | Lancement d’un service de garde d’enfants à 15 $ par jour pour les familles

    As part of the $3.8-billion Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, Alberta is supporting families to access affordable child care across the province with their choice in provider.

    Starting Apr. 1, parents with children zero to kindergarten age attending full-time licensed daycare facilities and family day home programs across the province will be eligible for a flat parent fee of $326.25 per month, or roughly $15 a day. Parents requiring part-time care will pay $230 per month.

    To support these changes and high-quality child care, about 85 per cent of licensed daycare providers will receive a funding increase once the new fee structure is in place on Apr. 1.

    Every day, parents and families across Alberta rely on licensed child-care providers to support their children’s growth and development while going to work or school. Licensed child-care providers and early childhood educators play a crucial role in helping children build the skills they need to support their growth and overall health. As Alberta’s population grows, the need for high-quality, affordable and accessible licensed and regulated child care is increasing.

    While Alberta already reduced parent fees to an average of $15 a day in January 2024, many families are still paying much more depending on where they live, the age of their child and the child-care provider they choose, which has led to inconsistency and confusion. Many families find it difficult to estimate their child-care fees if they move or switch providers, and providers have expressed concerns about the fairness and complexity of the current funding framework.

    A flat monthly fee will provide transparency and predictability for families in every part of the province while also improving fairness to providers and increasing overall system efficiency. On behalf of families, Alberta’s government will cover about 80 per cent of child-care fees through grants to daycare facilities and family day homes.

    This means a family using full-time daycare could save, on average, $11,000 per child per year. A flat monthly parent fee will ensure child care is affordable for everyone and that providers are compensated for the important services they offer.

    As opposed to a flat monthly parent fee, Alberta’s government will reimburse preschools up to $100 per month per child on parents’ behalf, up from $75.

    “Albertans deserve affordable child-care options, no matter where they are or which type of care works best for them. We are bringing in flat parent fees for families so they can all access high-quality child care for the same affordable, predictable fee.”

    Matt Jones, Minister of Jobs, Economy and Trade

    “Reducing child care fees makes life more affordable for families and gives them the freedom to make choices that work for them—whether that’s working, studying or growing their family. We’ll keep working to bring costs down, create more spots, and reduce waitlists for families in Alberta and across the country, while ensuring every child gets the best start in life.”

    Jenna Sudds, federal minister of Families, Children, and Social Development

    To make Alberta’s child-care system affordable for all families, the flat monthly parent fee is replacing the Child Care Subsidy Program for children zero to kindergarten age attending child care during regular school hours. The subsidy for children attending out-of-school care is not changing.

    As the province transitions to the new flat parent fee, child-care providers will have flexibility to offer optional services for an additional supplemental parent fee. These optional services must be over and above the services that are provided to all children in individual child-care programs. Clear requirements will be in place for providers to prevent preferential child-care access for families choosing to pay for optional services.

    Cutting red tape and supporting child-care providers

    By moving to a flat monthly parent fee, Alberta’s government is continuing the transition to a primarily publicly funded child care system. To support high-quality child care, approximately 85 per cent of licensed daycare providers will receive a funding increase once the new structure is in place on Apr. 1.

    The province is enhancing the system to streamline the child-care claims process used to reimburse licensed child-care providers on behalf of Alberta parents. Alberta’s government is also putting technological solutions in place to reduce administrative burden and red tape.

    Looking ahead

    Over the final year of the federal agreement, Alberta’s government is working to support the child-care system while preparing to negotiate the next term of the agreement, reflective of the needs of Albertans and providers. Alberta joins its provincial and territorial partners across the country in calling for a sustainable, adequately funded system that works for parents and providers long term.

    Quick facts

    • In line with requirements under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, the flat monthly parent fee only applies to children zero to kindergarten age requiring care during regular school hours.
    • Children attending 100 or more hours in a month are considered full-time and parents will pay $326.25 a month. Children attending between 50 and 99 hours are considered part-time and parents will pay $230 a month.
    • Families with children attending preschool for up to four hours a day are eligible for up to $100 per month.
    • There are no changes to the out-of-school care Child Care Subsidy Program for children requiring care outside of school hours in grades 1 to 6 and attending full-time kindergarten.
    • Programs may choose to provide optional services for a supplemental fee. Examples may include transportation, field trips and food. Child-care programs are not required to charge parents additional supplemental fees.

    Related information

    • Federal-provincial child care agreement

    Related news

    • Alberta strengthens child care safety (Oct. 30, 2024)

    L’Alberta instaure des frais mensuels fixes de 326,25 $ pour les services de garde d’enfants agréés à temps plein, soit environ 15 $ par jour.

    Dans le cadre de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada d’une valeur de 3,8 milliards de dollars, l’Alberta aide les familles à avoir accès à des services de garde d’enfants abordables partout dans la province auprès du service de garde de leur choix.

    À compter du 1er avril, les parents ayant des enfants de la naissance à la maternelle qui fréquentent une garderie agréée à temps plein ou un service de garde en milieu familial partout dans la province seront admissibles à des frais fixes de 326,25 $ par mois, soit environ 15 $ par jour. Les parents qui ont besoin de services de garde à temps partiel paieront 230 $ par mois.

    Pour appuyer ces changements et des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure tarifaire sera en place le 1er avril.

    Chaque jour, les parents et les familles de l’Alberta comptent sur des fournisseurs de services de garde d’enfants agréés pour appuyer la croissance et le développement de leurs enfants pendant qu’ils vont au travail ou à l’école. Les fournisseurs de services de garde d’enfants agréés et les éducateurs de la petite enfance jouent un rôle crucial en aidant les enfants à acquérir les compétences dont ils ont besoin pour soutenir leur croissance et leur santé globale. À mesure que la population de l’Alberta augmente, le besoin de services de garde d’enfants agréés et réglementés de grande qualité, abordables et accessibles s’accroît.

    Bien que l’Alberta ait déjà réduit les frais pour les parents à une moyenne de 15 $ par jour en janvier 2024, de nombreuses familles paient encore beaucoup plus selon l’endroit où elles vivent, l’âge de leur enfant et le fournisseur de services de garde d’enfants qu’elles choisissent, ce qui a entraîné des incohérences et de la confusion. De nombreuses familles ont de la difficulté à estimer leurs frais de garde d’enfants si elles changent de fournisseur, et les fournisseurs ont exprimé des préoccupations au sujet de l’équité et de la complexité du cadre de financement actuel.

    Des frais mensuels fixes assureront la transparence et la prévisibilité pour les familles de toutes les régions de la province, tout en améliorant l’équité envers les fournisseurs et en augmentant l’efficacité globale du système. Au nom des familles, le gouvernement de l’Alberta couvrira environ 80 % des frais de garde d’enfants grâce à des subventions accordées aux garderies et aux services de garde en milieu familial.

    Cela veut dire qu’une famille dont un enfant fréquente une garderie à temps plein pourrait économiser 11 000 $ par enfant par année en moyenne. Des frais mensuels fixes pour les parents garantiront que les services de garde d’enfants sont abordables pour tous et que les fournisseurs sont rémunérés pour les services importants qu’ils offrent.

    Contrairement aux frais mensuels fixes pour les parents, le gouvernement de l’Alberta remboursera jusqu’à 100 $ par mois aux parents pour les enfants d’âge préscolaire, comparativement à 75 $.

    « Les Albertaines et les Albertains méritent des options abordables en matière de garde d’enfants, peu importe où ils se trouvent ou quel type de services leur convient le mieux. Nous instaurons des frais fixes pour les parents afin qu’ils puissent tous avoir accès à des services de garde d’enfants de grande qualité, à un coût abordable et prévisible. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    « La réduction des frais de garde d’enfants rend la vie plus abordable pour les familles et leur donne la liberté de faire des choix qui leur conviennent, qu’il s’agisse de travailler, d’étudier ou d’agrandir leur famille. Nous continuerons de travailler pour réduire les coûts, créer plus de places et réduire les listes d’attente pour les familles en Alberta et partout au pays, tout en veillant à ce que chaque enfant ait le meilleur départ possible dans la vie. »

    Jenna Sudds, ministre fédérale de la Famille, des Enfants et du Développement social

    Afin de rendre le système de garde d’enfants de l’Alberta abordable pour toutes les familles, les frais mensuels fixes pour les parents remplacent le programme de subventions pour la garde d’enfants destiné aux enfants de la naissance à la maternelle qui fréquentent un service de garde pendant les heures scolaires normales. La subvention pour les enfants pris en charge à l’extérieur de l’école ne change pas.

    À mesure que la province adoptera les nouveaux frais fixes pour les parents, les fournisseurs de services de garde d’enfants auront la possibilité d’offrir des services facultatifs moyennant des frais supplémentaires pour les parents. Ces services facultatifs doivent s’ajouter aux services offerts à tous les enfants dans le cadre de programmes individuels de garde d’enfants. Des exigences claires seront mises en place pour les fournisseurs afin d’empêcher l’accès préférentiel aux services de garde pour les familles qui choisissent de payer pour des services facultatifs.

    Réduire les formalités administratives et soutenir les fournisseurs de services de garde d’enfants

    En passant à des frais mensuels fixes pour les parents, le gouvernement de l’Alberta poursuit la transition vers un système de garde d’enfants financé principalement par l’État. Pour appuyer des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure sera en place le 1er avril.

    La province améliore le système afin de simplifier le processus de demande de remboursement des frais de garde d’enfants utilisé pour rembourser les fournisseurs de services de garde d’enfants agréés au nom des parents albertains. Le gouvernement de l’Alberta met également en place des solutions technologiques pour réduire le fardeau administratif et les formalités administratives.

    Regard vers l’avenir

    Au cours de la dernière année de l’accord fédéral, le gouvernement de l’Alberta s’efforce d’appuyer le système de garde d’enfants tout en se préparant à négocier la prochaine durée de l’accord, en tenant compte des besoins de sa population et des fournisseurs. L’Alberta se joint à ses partenaires provinciaux et territoriaux partout au pays pour réclamer un système durable et financé adéquatement qui fonctionne pour les parents et les fournisseurs à long terme.

    Faits en bref

    • Conformément aux exigences de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada, les frais mensuels fixes pour les parents ne s’appliquent qu’aux enfants de la naissance à la maternelle qui ont besoin de services de garde pendant les heures scolaires normales.
    • Les enfants qui fréquentent une garderie pendant 100 heures ou plus par mois sont considérés comme des enfants qui fréquentent à temps plein et les parents paieront 326,25 $ par mois. Les enfants qui fréquentent une garderie entre 50 et 99 heures sont considérés comme des enfants qui fréquentent à temps partiel et les parents paieront 230 $ par mois.
    • Les familles qui ont des enfants qui fréquentent un programme préscolaire pendant jusqu’à quatre heures par jour sont admissibles à un montant maximum de 100 $ par mois.
    • Aucun changement n’est apporté au Programme de subventions pour les services de garde d’enfants à l’extérieur de l’école pour les enfants qui doivent être pris en charge en dehors des heures d’école de la 1re à la 6e année et qui fréquentent la maternelle à temps plein.
    • Les programmes peuvent choisir de fournir des services facultatifs moyennant des frais supplémentaires. Les exemples peuvent inclure le transport, les sorties scolaires et la nourriture. Les programmes de garde d’enfants ne sont pas tenus de facturer des frais supplémentaires aux parents.

    Renseignements connexes

    • Entente fédérale-provinciale sur les services de garde d’enfants (en anglais seulement)

    Nouvelles connexes

    • Alberta strengthens child care safety (30 octobre 2024)

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Hindi
    • Korean
    • Persian
    • Punjabi
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    • Tagalog
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    MIL OSI Canada News –

  • MIL-OSI: Valeura Energy Inc.: Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245%

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 13, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the results of its third-party independent reserves and resources assessment as at year-end 2024.

    Highlights

    • Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
    • 2P reserves replacement ratio of 245% even after annual production increase of 12%;
    • 2P reserves and end of field life (“EOFL”) increased at every field;
    • 2P reserves net present value before tax of US$934 million and US$752 million after tax(1);
    • Considering year-end 2024 cash position of US$259 million, Company net asset value (“NAV”) is US$1,012 million, equating C$13.6 per common share(2);
    • Contingent resources(3) of 48 MMbbl, more than double the total at end 2023; and
    • Decommissioning costs significantly reduced through engineering studies and increased EOFL to beyond 2030.
    (1) Discounted at 10% (NPV10)
    (2) Proved plus probable (2P) NPV10after tax plus cash of US$259.4 million (no debt), using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024
    (3) Unrisked 2C (best estimate) contingent resources

    Dr. Sean Guest, President and CEO commented:

    “I am pleased to announce the results of our end 2024 reserves and resources evaluation, which shows again that our aggressive work programme can increase the ultimate potential of our fields and add value to our Company. In our second full year of operations we have again added more than double the reserves we produced, achieving a 2P reserves replacement ratio of 245%. This is a significant feat, considering we also increased production by 12% relative to 2023.

    We also added to the ultimate potential of our portfolio, with all Thailand fields now having an economic field life lasting beyond 2030. Since taking over these assets, we have added at least four additional years of production life to each field. This means more years of future cash flow and is therefore a prime example of one key element of our strategy in action – driving further organic growth.

    The net asset value of our business is now over US$1 billion – a record high, equating to more than C$13.6 per common share. This is based on our 2P after tax NPV10increasing by 76% year-on-year, coupled with a new record year-end cash position.

    In addition to discovering volumes through the drill bit and aggressively working to build our understanding of the intricate subsurface environment, various other financial and engineering studies have also added value. Our field abandonment costs have been reduced further through updated engineering studies which are benchmarked to actual abandonment operations in the Gulf of Thailand. The effect of this, combined with extended field life across the portfolio, is expected to reduce our Asset Retirement Obligation (“ARO”) on our balance sheet by more than 50% since we first assumed operatorship of these assets.

    We are relentless in our pursuit of value and we remain focussed on allocating capital efficiently. Moreover, we see exciting reserves-adding opportunities ahead through the potential Wassana field redevelopment, as well as through ongoing infill development and appraisal drilling across the portfolio, and the selective exploration targets we will pursue this year.

    At the same time, inorganic growth remains a key part of our strategy, and we are actively evaluating several opportunities to assess fit with our strict screening criteria.”

    Valeura commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess reserves and resources for all of its Thailand assets as of December 31, 2024. NSAI’s evaluation is presented in a report dated February 13, 2025 (the “NSAI 2024 Report”). This follows previous evaluations conducted by the same firm for December 31, 2023 (the “NSAI 2023 Report”) and December 31, 2022 (the “NSAI 2022 Report”).

    Oil and Gas Reserves by Field Based on Forecast Prices and Costs

        Gross (Before Royalties) Reserves, Working Interest Share (Mbbl)
    Reserves by Field Jasmine
    (Light/Medium)    		 Manora
    (Light/Medium)    		 Nong Yao
    (Light/Medium)    		 Wassana
    (Heavy)    		 Total
    Proved Producing Developed 5,268 1,370 6,541 2,894 16,073
    Non-Producing Developed 703 433 153 242 1,531
    Undeveloped 4,713 705 3,742 5,490 14,650
    Total Proved (1P) 10,684 2,509 10,436 8,626 32,255
    Total Probable (P2) 6,108 848 6,500 4,297 17,753
    Total Proved + Probable (2P) 16,792 3,357 16,936 12,923 50,008
    Total Possible (P3) 3,647 718 4,297 1,027 9,689
    Total Proved + Probable + Possible (3P) 20,440 4,075 21,233 13,950 59,697

     
    Summary of Reserves Replacement, Value, and Field Life

    As compared to the NSAI 2023 Report, the NSAI 2024 Report indicates an addition of 2.4 MMbbl of proved (1P) reserves and 12.1 MMbbl of proved plus probable (2P) reserves, after having produced 8.4 MMbbl of oil in 2024. This reflects a 1P reserves replacement ratio of 128% and a 2P reserves replacement ratio of 245%.

    Based on the mid-point of the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d (24.25 Mbbl/d), on a 2P reserves basis as of December 31, 2024, the Company estimates its reserves life index (“RLI”) to be approximately 5.6 years. Using the same 2025 production estimate and 2P reserves as of December 31, 2023 and December 31, 2022, the RLI was approximately 4.3, and 3.3 years, respectively.

    The net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased between the NSAI 2023 Report and the NSAI 2024 Report from US$193.9 million to US$358.6 million on a 1P basis, an increase of 85%. On a 2P basis, the net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased from US$428.5 million to US$752.2 million, an increase of 76%.

    The Company estimates that, based on the 2P net present value of estimated future revenue after income taxes in the NSAI 2024 Report, based on a 10% discount rate, plus the Company’s 2024 year-end cash position of US$259.4 million, as disclosed on January 8, 2025, the Company has a 2P net asset value (“NAV”) of US$1,011.6 million. Using the year-end count of common shares outstanding (being 106.65 million) and foreign exchange rates, Valeura’s NAV equates to approximately C$13.6/share.

      1P NPV10 2P NPV10 3P NPV10
      Before Tax After Tax Before Tax After Tax Before Tax After Tax
    NPV10(US$ million) 360.7 358.6 933.9 752.2 1,339.1 990.2
    Cash at December 31, 2024 (US$ million)(1) 259.4 259.4 259.4 259.4 259.4 259.4
    Net Asset Value (US$ million) 620.1 618.0 1,193.3 1,011.6 1,598.5 1,249.6
    Common shares (million)(2) 106.65 106.65 106.65 106.65 106.65 106.65
    Estimated NAV per basic share (C$ per share)(3) 8.3 8.3 16.1 13.6 21.5 16.8
    (1) Cash at December 31, 2024 of US$259.4 million, debt nil
    (2) Issued and outstanding common shares as of December 31, 2024
    (3) US$/C$ exchange rate of 1.435 as at December 31, 2024

    The NSAI 2024 Report indicates a further extension in the anticipated end of field life for all assets in Valeura’s Thailand portfolio, as compared to the NSAI 2023 Report.

      Gross (Before Royalties) 2P Reserves, Working Interest Share End of Field Life 2P NPV10After Tax (US$ million)
    Fields December 31, 2023
    (MMbbl)    		 2024 Production
    (MMbbl)    		 Additions
    (MMbbl)    		 December 31, 2024
    (MMbbl)    		 Reserves Replacement Ratio (%) NSAI 2023 Report NSAI 2024 Report December 31, 2023 December 31, 2024
    Jasmine 10.4 (2.9 ) 9.2 16.8 324 % Dec 2028 Aug 2031 81.8 163.9
    Manora 2.2 (0.9 ) 2.1 3.4 223 % Jul 2027 Apr 2030 21.2 45.7
    Nong Yao 12.4 (3.1 ) 7.7 16.9 245 % Dec 2028 Dec 2033 185.6 416.1
    Wassana 12.9 (1.4 ) 1.5 12.9 102 % Jun 2032 Dec 2035 139.9 126.6
    Total 37.9 (8.4 ) 20.5 50.0 245 %     428.5 752.2

     
    Valeura has demonstrated two consecutive years of growth in both aggregate 2P reserves and the associated after-tax 2P NPV10 value.

      Gross (Before Royalties) 2P Reserves,
    Working Interest Share (MMbbl)    		 2P NPV10After Tax
    (US$ million)
    Fields December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2022 December 31, 2023 December 31, 2024
    Jasmine 10.0 10.4 16.8 37.1 81.8 163.9
    Manora 1.8 2.2 3.4 12.1 21.2 45.7
    Nong Yao 11.2 12.4 16.9 145.5 185.6 416.1
    Wassana 6.1 12.9 12.9 66.3 139.9 126.6
    Total 29.1 37.9 50.0 261.0 428.5 752.2

     
    The NSAI 2024 Report does not assume a new redevelopment concept for the Wassana field and therefore does not include potential upside volumes associated with the Company’s contemplated redevelopment. Valeura is targeting readiness for a final investment decision (“FID”) in early Q2 2025. Should the Company opt to proceed with the redevelopment, management anticipates a higher production profile, with longer field life than is currently reflected in the NSAI 2024 Report.

    Net Present Values of Future Net Revenue Based on Forecast Prices and Costs

    Net present values of future net revenue from oil reserves are based on cost estimates as of the date of the NSAI 2024 Report, and forecast Brent crude oil reference prices of US$75.58, US$78.51, US$79.89, US$81.82, and US$83.46 per bbl for the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively, with 2% escalation thereafter. NSAI assumes cost inflation of 2% per annum. Price realisation forecasts for each field are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

    Based on Valeura’s revised corporate structure, as modified by the reorganisation completed in November 2024, values estimated by NSAI assume a combined, single tax filing for all of the Company’s Thai III fiscal concessions, covering the Wassana, Nong Yao, and Manora fields. The Jasmine field, being a Thai I fiscal concession, is outside this scope.

    All estimated costs associated with the eventual decommissioning of the Company’s fields are included as part of the calculation of future net revenue, specifically within the Proved Producing Developed category.

        Before Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (124.7)   (27.6)   146.2 (160.7)   (166.8)  
    Non-Producing Developed 35.3   27.9   7.0 16.2   86.4  
    Undeveloped 93.6   7.9   108.1 231.5   441.0  
    Total Proved (1P) 4.2   8.2   261.3 87.0   360.7  
    Total Probable (P2) 217.4   39.1   204.5 112.3   573.3  
    Total Proved + Probable (2P) 221.5   47.3   465.8 199.3   933.9  
    Total Possible (P3) 168.8   29.6   150.7 56.1   405.1  
    Total Proved + Probable + Possible (3P) 390.3   76.9   616.5 255.4   1,339.1  
        After Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (131.4)   (27.6)   146.2 (160.7)   (173.4)  
    Non-Producing Developed 33.9   27.9   7.0 16.2   85.1  
    Undeveloped 99.6   7.9   108.1 231.5   447.0  
    Total Proved (1P) 2.1   8.2   261.3 87.0   358.6  
    Total Probable (P2) 161.8   37.4   154.8 39.6   393.6  
    Total Proved + Probable (2P) 163.9   45.7   416.1 126.6   752.2  
    Total Possible (P3) 96.7   20.4   93.3 27.6   238.0  
    Total Proved + Probable + Possible (3P) 260.6   66.1   509.3 154.2   990.2  

     
    Asset Retirement Obligations

    During 2024, the Company conducted extensive engineering studies into the eventual decommissioning of its fields. These studies utilised costs benchmarked to current decommissioning activities underway elsewhere within the Gulf of Thailand. Valeura’s work since acquiring the assets in early 2023 has resulted in a reduction of 32% in the anticipated cost to decommission the assets (US$ real basis).  

    In addition, the significant extensions to the economic life of all of the Company’s fields means the timing for decommissioning expenditure has shifted further into the future. The combined effect is estimated to be a material reduction in the ARO liability to be shown on the Company’s balance sheet. While the final ARO is still to be reviewed by the Company’s auditor, management estimates that the ARO as at December 31, 2024 will have been reduced by approximately 35% from year-end 2023 and more than 50% relative to the Company’s first estimate upon assuming operatorship of the Thai portfolio in Q1 2023.

    Resources

    NSAI assessed the Company’s contingent resources of its Thailand assets for additional reservoir accumulations and reported estimates in the NSAI 2024 Report, the NSAI 2023 Report, and the NSAI 2022 Report. Contingent resources are heavy crude oil and light/medium crude oil, and are further divided into two subcategories, being Development Unclarified and Development Not Viable (see oil and gas advisories). Each subcategory is assigned a percentage risk, reflecting the estimated chance of development. Aggregate totals are provided below.

    Contingent Resources NSAI 2022 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2023 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2024 Report
    Gross (Before Royalties) Working Interest Share
    Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl)
    Low Estimate (1C) 10.4 1.8 15.2 6.5 29.4 9.2
    Best Estimate (2C) 14.1 2.5 19.9 8.9 48.4 13.5
    High Estimate (3C) 22.1 3.9 27.9 11.6 72.1 18.0

     
    Comparing the NSAI 2023 Report to the NSAI 2024 Report, the Company has recorded an increase in the best estimate (2C) unrisked contingent resources of 143%.

    The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com. Valeura has no reserves or contingent resources associated with its properties in Türkiye.

    Further Disclosure and Webcast
    Valeura intends to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator later in February 2025. Thereafter, the Company will publish its estimates of reserves and resources in accordance with the requirements of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities along with its annual information form for the year ended December 31, 2025, on approximately March 26, 2025.

    Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 15:00 London / 22:00 Bangkok / 23:00 Singapore on Thursday, February 13, 2025 to discuss its reserves and contingent resources. Please register in advance via the link below.

    Registration link: https://events.teams.microsoft.com/event/a527dbad-61ff-47b1-8330-a10c28cfd2ee@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

    As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

    Thailand: +66 2 026 9035,,817613646#
    Singapore: +65 6450 6302,,817613646#
    Canada: (833) 845-9589,,817613646#
    Türkiye: 0800 142 034779,,817613646#
    United States: (833) 846-5630,,817613646#
    United Kingdom: 0800 640 3933,,817613646#

    Phone conference ID: 817 613 646#

    For further information, please contact:

    Valeura Energy Inc. (General Corporate Enquiries)                +65 6373 6940
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com

    Valeura Energy Inc. (Investor and Media Enquiries)                +1 403 975 6752 / +44 7392 940495
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com

    Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

    About the Company

    Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

    Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

    This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    “NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

    “Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

    “RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

    “End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

    Reserves

    Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

    Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

    Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

    Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

    Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

    Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

    Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

    Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

    The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

    The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

    Contingent Resources

    Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

    Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

    The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

    Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

    Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

    The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

    Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

    If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

    Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 8,267 7,334 3,108 2,742 38 %
    Contingent Best Estimate (2C) Development Unclarified 14,178 12,538 4,227 3,728 30 %
    Contingent High Estimate (3C) Development Unclarified 21,072 18,644 5,289 4,673 25 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 7,807 7,358 4,045 3,813 52 %
    Contingent Best Estimate (2C) Development Unclarified 10,641 10,029 5,325 5,018 50 %
    Contingent High Estimate (3C) Development Unclarified 14,524 13,689 6,560 6,182 45 %
    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 11,294 10,502 1,694 1,575 15 %
    Contingent Best Estimate (2C) Development Not Viable 21,539 19,965 3,652 3,319 17 %
    Contingent High Estimate (3C) Development Not Viable 33,503 30,964 5,363 4,802 16 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 2,069 1,950 310 293 15 %
    Contingent Best Estimate (2C) Development Not Viable 2,091 1,971 341 321 16 %
    Contingent High Estimate (3C) Development Not Viable 3,003 2,830 815 768 27 %

    The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

    Glossary

    bbl                barrels of oil
    Mbbl              thousand barrels of oil
    MMbbl            million barrels of oil

    Advisory and Caution Regarding Forward-Looking Information

    Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

    Forward-looking information in this news release includes, but is not limited to, the Company’s belief that it has added to the ultimate potential of its portfolio; the anticipated economic life of its portfolio; expectations regarding future cash flow; the expectation that ARO on its December 31, 2024 balance sheet will indicate a reduction of approximately 35% versus December 31, 2023 and more than 50% since first assuming operatorship of its assets; business objectives and targets; organic and inorganic growth opportunities; the anticipated end of life for Valeura’s Thailand assets; the potential for adding reserves through the Wassana field redevelopment as well as through ongoing infill development, appraisal drilling, and exploration targets; statements related to the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d; estimates of the Company’s RLI; timing for FID readiness on the potential Wassana field redevelopment; management’s anticipation of a higher production profile with longer field life from the Wassana field, should it opt to proceed with the redevelopment; forecast Brent crude oil reference prices; assumption of a single tax filing; estimated costs for the eventual decommissioning of its fields; the intention to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator; the anticipated filing date of the Company’s annual information form along with its estimates of reserves and resources; and the timing of the investor and analyst webcast.

    In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information

    as they involve the implied assessment, based on certain estimates and assumptions, that the resources can

    be discovered and profitably produced in the future.

    Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

    Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

    The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

    Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI Canada: Refocusing continuing care for the future | Recentrer les soins continus pour l’avenir

    [. As their needs evolve, it is important that older adults and vulnerable populations have access to the support they need to maintain their quality of life and independence so they can age with dignity. Over the next 10 years, the demand for continuing care in Alberta is projected to grow by 80 per cent, increasing even faster as people live longer and with more complex needs.

    Alberta’s government is establishing Assisted Living Alberta – the new provincial continuing care agency – as part of the province’s health refocusing. This will ensure the province is well-positioned to meet the future needs that are anticipated with Alberta’s both growing and aging population. Assisted Living Alberta will provide Albertans access to a comprehensive system of continuing care with a full range of wraparound services, including medical and non-medical supports, home care, community care and social services. This transition will allow the province to place a holistic social service lens on assisted living services to deliver care more effectively and consistently throughout the province. By taking this approach, individuals and families will have more options when they need care and as their needs evolve, helping older adults and vulnerable populations maintain their quality of life and independence.

    “As the need for continuing care services in Alberta grows, I am committed to working with health, social services and continuing care professionals to transform the system and ensure the new provincial agency, Assisted Living Alberta, meets all Albertans’ needs. This change ensures Albertans have access to a full range of wraparound supports to meet their evolving needs and maintain their independence and quality of life as they age or require more support.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    Assisted Living Alberta is on track to be established and become an entity by April 1, and will be fully operational by fall 2025. The new agency will align medical and non-medical supports and services, increase continuing care spaces, reduce wait times, and provide comprehensive wraparound supports for Albertans who require different levels and types of care. This includes both seniors in long-term care and those who want to continue aging at home but need supports to do so, as well as people with disabilities, individuals experiencing homelessness and other vulnerable Albertans who require temporary or long-term care. Refocusing Alberta’s health care system ensures all Albertans have access to the services and support they need, when and where they need it.

    “Improving health care services is a top priority for our government. We are committed to addressing the urgent need for enhanced assisted living services across our growing province. I look forward to working alongside the Ministry of Seniors, Community and Social Services to bring Albertans more options and the high quality of care they need close to home.”

    Adriana LaGrange, Minister of Health

    Albertans currently receiving care, and those who need care, will continue to have access to the services they need. A transition committee led by Dr. Sayeh Zielke, author, cardiologist and medical director of Chinook Cardiology, along with leaders from health care, continuing care, social services and other local organizations, will provide the minister with advice to support this transformation. Committee members were chosen based on their experience, diverse perspectives, leadership and background in the continuing care and social services space. The committee’s work will be essential to ensuring a smooth and seamless transition with no disruptions.

    “It is an honour to be playing a role in helping transform Alberta’s continuing care system. Our goal is to put patients and clients first and give our front-line workers the support they need, which is why it is so important that we are taking the time to gets things right and consulting directly with Albertans.” 

    Dr. Zielke, cardiologist and medical director of Chinook Cardiology and chair of the Assisted Living Transition Committee

    Albertans are invited to share their feedback, support the stand up of Assisted Living Alberta and help shape the future of continuing care through online engagement that will be open from Jan. 30 to March 3 at Alberta.ca/lead-the-way. Continuing care providers and health care and continuing care workers will also have an opportunity to provide feedback through targeted engagement that will be open at the same time. Albertans’ insights and perspectives will help lead the way in improving the system to ensure it meets Alberta’s needs today and for generations to come.  

    Alberta’s government is making significant strides in its efforts to refocus the health care system. Assisted Living Alberta will be the fourth and final new provincial health agency to be established and operational. Recovery Alberta officially began operations on Sept. 1, 2024, with Primary Care Alberta ready to follow suit and become operational on Feb. 1, 2025. On the same date, Acute Care Alberta is set to become a legal entity. By creating four provincial health agencies to oversee the priority sectors of primary care, acute care, continuing care, and mental health and addiction, the province is putting patients first in every health care decision and giving front-line experts the support they need to properly care for Albertans.

    “The Alberta Continuing Care Association welcomes this transformational move by the Alberta government. By bringing social services, medical and non-medical supports, and continuing care together under one health agency, patients will be able to access wraparound supports for the care and services they need.”

    Feisal Keshavjee, chair, Alberta Continuing Care Association

    “Integrated health and social care enhances outcomes, aligns with the preferences of older adults, caregivers and practitioners, and underpins leading continuing care models. Healthy Aging Alberta and the United Way of Calgary congratulate the ministry on this exciting transition and look forward to supporting an integrated wraparound model of continuing care in Alberta.”

    Karen McDonald, provincial director, Healthy Aging Alberta 

    Transition committee members

    • Dr. Sayeh Zielke, committee chair – cardiologist and medical director of Chinook Cardiology
    • MLA Brandon Lunty, deputy chair – MLA for Leduc-Beaumont
    • Dr. David Stewart, member – physician, Family Medical Centre
    • David Weyant, member – president and CEO, Alberta Lawyers Indemnity Association
    • Robin James, member – chief administrative officer, Lethbridge Housing Authority
    • Feisal Keshavjee, member – board chair, Alberta Continuing Care Association
    • Karen McDonald, member – provincial director, Healthy Aging Alberta (and executive director, Sage)
    • Andrea Hesse, member – CEO, Alberta Council of Disability Services
    • Joyce Wicks, member – former nurse and seniors advocate
    • Ruben Breaker, member – councillor, Siksika First Nation
    • Arlene Adamson, member – former CEO, Silvera for Seniors
    • Salimah Walji-Shivji, member – KC, CEO, AgeCare
    • Irene Martin-Lindsay – member, executive director, Alberta Seniors and Community Housing Association

    Related news

    • Continuing care: Ministers LaGrange and Nixon (Oct 16, 2024)

    Related information

    • Refocusing health care in Alberta
    • Continuing Care Transformation
    • Online survey for feedback on Alberta’s continuing care system

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    Dans le cadre du recentrage des soins de santé, le gouvernement de l’Alberta procède à l’établissement d’Assisted Living Alberta, l’organisme provincial des soins continus.

    D’ici 2046, un Albertain sur cinq aura 65 ans ou plus. À mesure que les besoins évoluent, il est important que les adultes plus âgés et les populations vulnérables aient accès au soutien nécessaire pour maintenir leur qualité de vie et leur indépendance afin de vieillir avec dignité. Au cours des 10 prochaines années, on prévoit que la demande de soins continus en Alberta augmentera de 80 %, puis encore plus rapidement à mesure que les gens vivent plus longtemps et avec des besoins plus complexes.

    Le gouvernement de l’Alberta établit Assisted Living Alberta, le nouvel organisme provincial des soins continus, dans le cadre du recentrage des soins de santé. Cette initiative a pour but de s’assurer que la province est bien placée pour répondre aux besoins futurs prévus en raison de la population croissante et vieillissante de l’Alberta. Assisted Living Alberta fournira l’accès à un système global de soins continus doté d’une gamme complète de services intégrés, notamment des soutiens médicaux et autres, des soins à domicile, des soins communautaires et des services sociaux. Cette transition permettra à la province de mettre en place des services d’aide à l’autonomie sous l’angle holistique des services sociaux afin de fournir des soins de manière plus efficace et plus cohérente partout en Alberta. En adoptant cette approche, les personnes et les familles auront plus de choix lorsqu’elles auront besoin de soins et à mesure que leurs besoins évolueront, ce qui aidera les adultes plus âgés et les populations vulnérables à conserver leur qualité de vie et leur indépendance.

    « À mesure que les besoins en soins continus augmentent en Alberta, je suis résolu à travailler avec les professionnels de la santé, des services sociaux et des soins continus pour transformer le système et veiller à ce que le nouvel organisme, Assisted Living Alberta, satisfasse à tous les besoins des Albertaines et des Albertains. Grâce à ce changement, la population aura accès à une gamme complète de soins intégrés pour répondre à ses besoins en évolution constante et conserver son indépendance et sa qualité de vie à mesure qu’elle vieillit et exige davantage de soutien. »

    Jason Nixon, ministre des Personnes âgées et des Services communautaires et sociaux

    Assisted Living Alberta est en bonne voie d’être établi d’ici le 1er avril, et sera entièrement opérationnel d’ici l’automne 2025. Ce nouvel organisme harmonisera les soutiens et les services, médicaux et autres, augmentera les espaces de soins continus, réduira les temps d’attente et fournira des soutiens intégrés complets aux Albertaines et aux Albertains qui exigent différents niveaux et types de soins. Ceci comprend les personnes âgées dans des établissements de soins de longue durée et celles qui veulent continuer de vieillir chez elles, mais ont besoin de soutiens pour ce faire, ainsi que les personnes handicapées, les personnes en situation d’itinérance et d’autres personnes vulnérables nécessitant des soins temporaires ou de longue durée. Le recentrage des soins de santé en Alberta permet aux Albertaines et aux Albertains d’avoir accès aux services et au soutien nécessaires, au moment et à l’endroit où ils en ont besoin.

    « L’amélioration des services de soins de santé est une priorité absolue pour notre gouvernement. Nous sommes déterminés à satisfaire au besoin urgent de services d’aide à la vie autonome améliorés partout dans notre province, dont la population augmente continuellement. Je me réjouis de travailler aux côtés du ministre des Personnes âgées et des Services communautaires et sociaux pour offrir aux Albertaines et aux Albertains un plus grand choix et la grande qualité de soins pour rester près de chez eux. »

    Adriana LaGrange, ministre de la Santé

    Les Albertains qui reçoivent actuellement des soins, et ceux qui exigent des soins continueront d’avoir accès aux services nécessaires. Un comité de transition dirigé par la Dre Sayeh Zielke, autrice, cardiologue et directrice médicale de Chinook Cardiology, ainsi que des chefs de fils des soins de santé, des soins continus, des services sociaux et d’autres organisations locales, conseilleront la ministre à l’appui de cette transformation. Les membres du comité ont été choisis en fonction de leur expérience, de leurs divers points de vue et de leurs antécédents dans le domaine des soins continus et des services sociaux. Le travail du comité sera essentiel pour ce qui est d’assurer une transition sans heurt et sans interruption.

    « C’est un honneur de contribuer à transformer le système de soins continus en Alberta. Notre objectif est de donner la priorité aux patients et aux clients et d’apporter à nos travailleurs de première ligne le soutien nécessaire. C’est pourquoi il est si important que nous prenions le temps de bien faire les choses et de consulter directement les Albertaines et les Albertains. » 

    Dre Zielke, cardiologue et directrice médicale de Chinook Cardiology, et présidente du comité de transition d’aide à la vie autonome

    Les Albertains sont invités à faire part de leur rétroaction, à soutenir l’établissement d’Assisted Living Alberta et à contribuer à façonner l’avenir des soins continus par l’intermédiaire de l’engagement en ligne qui sera accessible du 30 janvier au 3 mars à Alberta.ca/lead-the-way. Les fournisseurs de soins continus et les travailleurs de la santé et des soins continus auront également l’occasion de donner leur opinion dans le cadre d’un engagement ciblé pendant la même période. Les idées et les points de vue de la population albertaine aideront à ouvrir la voie vers l’amélioration du système en veillant à ce qu’il réponde aux besoins actuels et des générations à venir.  

    Le gouvernement de l’Alberta fait des progrès considérables dans le recentrage des soins de santé. Assisted Living Alberta sera le quatrième et dernier organisme de santé provincial à être établi et opérationnel. Recovery Alberta a officiellement lancé ses activités le 1er septembre 2024. Primary Care Alberta lui emboîte le pas et entrera en fonction le 1er février 2025. Acute Care Alberta deviendra une entité juridique à la même date. En créant quatre organismes de santé provinciaux pour superviser les secteurs prioritaires des soins primaires, des soins actifs, des soins continus et de la santé mentale et des dépendances, la province accorde la priorité aux patients dans chaque décision en matière de santé et donne aux experts de première ligne le soutien nécessaire pour s’occuper des Albertains comme il se doit.

    « L’Alberta Continuing Care Association se réjouit de cette transformation effectuée par le gouvernement de l’Alberta. En réunissant sous un même organisme les services sociaux, les soutiens médicaux et autres et les soins continus, les patients pourront avoir accès aux soutiens intégrés dont ils ont besoin sur le plan des soins et des services. »

    Feisal Keshavjee, président, Alberta Continuing Care Association

    « L’intégration des soins de santé et des services sociaux améliore les résultats, correspond aux préférences des adultes plus âgés, des soignants et des praticiens, et sous-tend des modèles de soins continus de pointe. Healthy Aging Alberta et Centraide Calgary félicitent le ministère de cette transition emballante, et ont hâte d’appuyer un modèle intégré de soins continus en Alberta. »

    Karen McDonald, directrice provinciale, Healthy Aging Alberta

    Membres du comité de transition

    • Dre Sayeh Zielke, présidente du comité – cardiologue et directrice médicale de Chinook Cardiology
    • Brandon Lunty, député provincial et vice-président – député de Leduc-Beaumont
    • Dr David Stewart, membre – médecin, Family Medical Centre
    • David Weyant, membre – PDG, Alberta Lawyers Indemnity Association
    • Robin James, membre – directeur municipal, Lethbridge Housing Authority
    • Feisal Keshavjee, membre – président du conseil, Alberta Continuing Care Association
    • Karen McDonald, membre – directrice, Healthy Aging Alberta (et directrice générale, Sage)
    • Andrea Hesse, membre – directrice générale, Alberta Council for Disability Services
    • Joyce Wicks, membre – ancienne infirmière et défenseure des personnes âgées
    • Ruben Breaker, membre – conseiller, Première Nation Siksika
    • Arlene Adamson, membre – ancienne chef de la direction, Silvera for Seniors
    • Salimah Walji-Shivji, membre – chef de la direction, AgeCare
    • Irene Martin-Lindsay – membre, directrice générale, Alberta Seniors and Community Housing Association

    Nouvelles connexes

    • Continuing care: Ministers LaGrange and Nixon (Soins continus : ministre LaGrange et Nixon (16 octobre 2024)

    Renseignements connexes

    • Refocusing health care in Alberta (Recentrer les soins de santé en Alberta)
    • Continuing Care Transformation (Transformation des soins continus)
    • Online survey for feedback on Alberta’s continuing care system (Sondage en ligne pour obtenir de la rétroaction au sujet du système de soins continus)

    Multimédia

    • Regarder la conférence de presse

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Punjabi
    • Spanish
    • Ukrainian

    MIL OSI Canada News –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Operational Update on the Stimulation Campaign

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”, “Group”)

    Operational Update on the Stimulation Campaign

    13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

    SS-2H ST1

    • As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
    • The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
    • Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

    SS-4H

    • Commenced stimulation operations in January 2025.
    • The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
    • Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
    • The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
    • Targeting announcement of IP30 flow rates in mid-2025.

    Working Capital

    • Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
    • The Group’s current cash balance is US$8.2 million.

    Philip O’Quigley, CEO of Falcon commented:
    “We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”
                                                    

    Ends.
    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the completion of the stimulation, preparation for initial flow back and targeting an IP30 flow rate of April 2025 for SS-2H ST1; steps taken to pause operations, planned reinforcement activities in Q1 2025, aiming for recommencement of activities in Q2 2025, opportunity to incorporate lessons from the SS-2H ST1 campaign and targeting IP30 flow rates in mid-2025 for SS-4H.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI New Zealand: NZ banks should follow Macquarie’s lead, ditch the climate cabal

    Source: ACT Party

    ACT Rural Communities spokesperson Mark Cameron is renewing calls for Kiwi banks to leave the Net Zero Banking Alliance in the wake of the withdrawal of Australia’s Macquarie Group.

    “First it was the big American banks, then Canada’s banks, and now Macquarie Group is the first of the big Australian banks to pull out of the alliance, with pressure mounting on other Aussie banks to do the same.

    “The Net Zero Banking Alliance was set up to change lending practices for the sake of climate goals. But there’s been a political sea change and the appetite for woke banking has disappeared. If the banks think punishing farmers and miners is necessary to satisfy a political agenda, they’re mistaken, and it’s time that message got through.

    “If there was previously a commercial advantage for banks to join the alliance, that advantage is fading fast as one bank after another gets out. The longer New Zealand’s banks and their parent companies remain in the UN’s cabal of banking wokery, the more out of touch they look.

    “As part of the inquiry into banking practices I’m leading alongside Cameron Brewer, we’ve called the four biggest banks back to answer more questions. The inquiry has unearthed deep concerns, especially from rural communities, over the debanking of legitimate sectors and a perceived unequal playing field between town and country.

    “I will be asking what is driving banks to act in this way. It would be concerning if the actions of the government through international agreements or through the way we regulate at home is encouraging banks to move beyond commercial incentives and punish rural communities.

    “ACT continues to question the role of regulation in anti-farmer, anti-miner banking practices. The Financial Markets Authority imposes emissions reporting requirements on banks. We warned in 2021 that these rules would impact loans on farmers, and we still have that concern.”

    MIL OSI New Zealand News –