Category: Canada

MIL-OSI Security: Harbour Grace — Driver flees from Harbour Grace RCMP, arrested after colliding with police car

Source: Royal Canadian Mounted Police

Twenty-eight-year-old Geoffrey Parsons from Bay Roberts fled from police in Carbonear and was arrested overnight by Harbour Grace RCMP after colliding with a police car on February 4, 2025.

Shortly after 2:00 a.m. yesterday, Harbour Grace RCMP attempted to conduct a traffic stop on a vehicle in Carbonear. The driver failed to stop for police and fled towards Tilton. A spike belt was deployed but was unsuccessful as the driver doubled back and struck the police car. The suspected vehicle further fled and was located behind a nearby business in Tilton.

Police located and arrested the driver, Geoffrey Parsons, after a search of the area. He attended court yesterday and remains in custody to appear in court again today in relation to the following charges: resisting arrest, flight from police (two counts), dangerous driving (two counts), assault with a weapon (two counts), and mischief causing damage over $5,000.

No one was injured during this incident. The investigation is ongoing.

MIL Security OSI –

February 6, 2025
MIL-OSI Security: Enoch — Enoch RCMP charge male with pointing a firearm
Source: Royal Canadian Mounted Police

On Jan. 25, 2025, Enoch RCMP received a report of a break and enter where the suspect broke down the victim’s door and pointed a firearm at them before leaving.

Enoch RCMP immediately attended and began to search for the suspect. RCMP were successful in locating and arresting the suspect at another residence.

A search was conducted and RCMP seized a sawed-off rifle, which is believed to have been used in the offence.

RCMP have charged a 32-year-old individual, a resident of Enoch, with:
- Pointing a firearm (x4);
- Weapons offences (x3);
- Breaking and entering;
- Fail to comply with release conditions (x2);
- Mischief.
The individual was taken before a justice of the peace and remanded into custody with his net court date set for Jan. 29, 2025, at the Alberta Court of Justice in Stony Plain, Alta.

MIL Security OSI –
February 6, 2025
MIL-OSI USA: Rarely used oil, coal helped power New England during recent cold snap

Source: US Energy Information Administration

In-brief analysis

February 5, 2025

Below average temperatures in the eastern United States during the week of January 19, 2025, resulted in high demand for electricity. On January 21 at 6:00 p.m. eastern time, ISO-New England (ISO-NE), the organization operating an integrated grid in Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Connecticut, recorded peak hourly demand of 19,600 megawatts (MW). Although demand was elevated, it was lower than the 20,308 MW that ISO-NE forecast peak demand would be in its 2024/2025 winter assessment published on November 7, 2024. Temperatures were more moderate in New England than in the Midwest, which tempered electricity demand somewhat in New England.

Although the grid had sufficient generating capacity to satisfy demand, a significant share of that supply came from sources that rarely operate. The grid required running older thermal generating plants that burn oil and coal. Between the hours of 11:00 a.m. and 4:00 p.m. eastern time on January 20, 2025, and between the hours of 10:00 a.m. and 1:00 p.m. on January 21, 2025, thermal plants that burn oil provided more electricity to the ISO-NE electricity grid than plants that burn natural gas, which is relatively uncommon. On January 21, 2025, the same group of thermal plants in ISO-NE provided more than 4,000 MW of electricity per hour to the grid between 7:00 a.m. and 11:00 p.m. At the same time, one of the two remaining coal-fired plants that burns coal in the region, the Merrimack facility in New Hampshire, supplied close to 300 MW to the grid from the evening of January 19 to the morning of January 25.

Oil and coal offset curtailed generation from natural gas-fired power plants from January 18 to January 22. Prices for natural gas were high, and supplies were short during this period because of more demand for natural gas from other consumers, such as homes and businesses. Later in the week, more natural gas was made available, including supply received from a liquefied natural gas (LNG) import terminal in Everett, Massachusetts. This supply helped boost generation from natural gas-fired power plants beginning on January 22.

Two other major sources of electricity in New England were steady suppliers during the cold snap. The region’s three nuclear reactors steadily provided 3,350 MW of power throughout the period, joined by consistent imports of power from Canada. At 11:00 p.m. on January 18, imports of electricity from Canada surpassed 4,200 MW and averaged 2,886 MW per hour between midnight on January 18 and midnight on January 26.

Principal contributors: Kimberly Peterson, Sue Smith

MIL OSI USA News –

February 6, 2025

MIL-OSI: Dayforce Reports Fourth Quarter and Full Year 2024 Results1

Source: GlobeNewswire (MIL-OSI)

Dayforce® recurring revenue of $347.9 million, up 19% year-over-year in the fourth quarter

Total revenue of $465.2 million, up 16% year-over-year in the fourth quarter

Full year 2024 net cash provided by operating activities of $281.1 million, up 28%

Annual Dayforce gross revenue retention rate of 98%

MINNEAPOLIS and TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.

“2024 was a year of outstanding progress and innovation for Dayforce. We launched the Dayforce brand, maintained our product positioning as leaders in HCM, and drove significant innovation to help our customers achieve their best work,” said David Ossip, Chair and CEO of Dayforce. “We are optimistic about 2025 as current and prospective customers continue to recognize the value the Dayforce platform provides as they streamline HCM processes and navigate compliance complexities.”

“The fourth quarter of 2024 was the strongest sales quarter in our history – helping us close out a successful year with robust growth across both new business and add-on sales,” said Stephen Holdridge, President and COO of Dayforce. “We saw a healthy mix of enterprise, major-market, and global sales on top of annual gross retention rate of 98% – another company record. This momentum, alongside the strength of our sales pipeline, gives us great confidence in our right to continue winning in 2025.”

“Looking out to 2025, we plan to continue executing on the vision laid out during our November investor day, operating the business for optimal cash generation while maintaining our pace of innovation and high levels of customer success,” said Jeremy Johnson, CFO of Dayforce. “I’m pleased that we are starting the year with demonstrable progress toward our profitability goals, raising our 2025 Adjusted EBITDA guidance 100 basis points to 32%.”

Financial Highlights for the Fourth Quarter 2024¹

Total revenue was $465.2 million, an increase of 16.4%, or 17.0% on a constant currency basis.
Dayforce recurring revenue was $347.9 million, an increase of 19.1%, or 19.5% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $307.6 million, an increase of 20.0%, or 20.4% on a constant currency basis.
Cloud recurring gross margin was 80.0%, compared to 77.0%, an increase of 3.0 percentage points. Adjusted Cloud recurring gross margin was 80.4%, compared to 78.1%, an increase of 2.3 percentage points.
Operating profit was $28.5 million, compared to $38.8 million. Adjusted operating profit was $103.3 million, compared to $78.9 million.
Net income was $10.8 million, compared to $45.6 million. Adjusted net income was $97.1 million, compared to $80.3 million.
Adjusted EBITDA was $129.2 million, compared to $99.2 million. Adjusted EBITDA margin was 27.8%, compared to 24.8%, an increase of 3.0 percentage points.
Diluted net income per share was $0.07, compared to $0.29. Adjusted diluted net income per share was $0.60, compared to $0.50.

Financial Highlights for the Full Year 2024¹

Total revenue was $1,760.0 million, an increase of 16.3%, or 16.7% on a constant currency basis.
Dayforce recurring revenue was $1,339.9 million, an increase of 20.6%, or 20.8% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $1,159.7 million, an increase of 20.4%, or 20.7% on a constant currency basis.
Cloud annualized recurring revenue (“ARR”) was $1,474.1 million, an increase of 17.9%, or $223.5 million.²
Cloud recurring gross margin was 78.9%, compared to 77.0%, an increase of 1.9 percentage points. Adjusted Cloud recurring gross margin was 79.8%, compared to 78.3%, an increase of 1.5 percentage points.
Operating profit was $104.1 million, compared to $133.1 million. Adjusted operating profit was $410.5 million, compared to $339.8 million.
Annual Dayforce gross revenue retention rate was 98.0% for the full year of 2024, compared to 97.1%.²
Net income was $18.1 million, compared to $54.8 million. Adjusted net income was $315.8 million, compared to $238.7 million.
Adjusted EBITDA was $501.5 million, compared to $410.2 million. Adjusted EBITDA margin was 28.5%, compared to 27.1%, an increase of 1.4 percentage points.
Diluted net income per share was $0.11, compared to $0.35. Adjusted diluted net income per share was $1.97, compared to $1.51.
Net cash provided by operating activities was $281.1 million, compared to $219.5 million.
Free cash flow was $171.5 million, compared to $105.1 million. Free cash flow margin was 9.7%, compared to 6.9%, an increase of 2.8 percentage points.
Cash and equivalents were $579.7 million, compared to $570.3 million.

Supplemental Detail

7.62 million global employees were live on the Dayforce platform as of December 31, 2024, up 11.4% compared to 6.84 million global employees as of December 31, 2023.³
6,876 customers were live on the Dayforce platform as of December 31, 2024, an increase of 146 customers since September 30, 2024 and an increase of 483 customers since December 31, 2023, or 7.6% year-over-year.³
Dayforce recurring revenue per customer was $163,101 for the trailing twelve months ended December 31, 2024, an increase of 11.1%.⁴
The average float balance for Dayforce’s customer funds during the quarter was $4.68 billion and the average yield on Dayforce’s float balance was 3.8%, a decrease of 10 basis points year-over-year. Float revenue from invested customer funds was $45.1 million for the three months ended December 31, 2024.
The average U.S. dollar to Canadian dollar foreign exchange rate was $1.40 for the three months ended December 31, 2024, compared to $1.36 for the three months ended December 31, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

¹ The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
² Excluding Ascender and eloomi.
³ Excluding Ascender, ADAM HCM, and eloomi.
⁴ Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

Business Highlights

The Company launched its first mass advertising campaign across the U.S. after uniting its global brand as Dayforce.
Dayforce announced the launch of the Dayforce Partner Network to create growth opportunities and provide an exceptional experience for customers.
Dayforce was named a Leader in the IDC MarketScape – Worldwide Cloud-Enabled Human Capital Management 2024 Vendor Assessment and a Leader in the Nucleus Research Full Suite Talent Acquisition Technology Value Matrix 2024.
Dayforce won the gold medal and was named a Leader in Software Reviews Data Quadrant Awards for both HCM Enterprise Software and WFM Enterprise Software and was recognized by Constellation Research for excellence in Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
For the second consecutive year, Dayforce was named by Newsweek magazine and the Best Practice Institute as one of the Top 100 Most Loved Workplaces in America, made Computerworld’s list of Best Places to Work in IT, and earned a place on the United Kingdom’s (“U.K.”) Most Loved Workplace list.
Dayforce achieved record attendance at Dayforce Discover 2024, its annual customer conference in Las Vegas, where it welcomed its global community of customers, prospective customers, partners, and industry disruptors.

Sales Highlights

A large member-owned retail cooperative selected the full Dayforce suite to support all 66,000 employees at 362 stores across nine states in the U.S.
A large global manufacturer and distributor of paints and coatings supporting 60,000 employees has expanded its partnership with Dayforce Payroll and Workforce Management for its regions beyond the U.S.
A global air services provider with over 48,000 employees across 35 countries has expanded its partnership with Dayforce to its U.S. operations. The company, which employs 3,200 in the U.S., has purchased the full suite of Dayforce products, including Managed Payroll.
A space exploration company selected Dayforce Payroll and Time and Attendance to support its 18,000 employees.
A global manufacturer of construction equipment selected Dayforce for Managed Payroll and Time and Attendance, supporting 6,500 employees and 500 pensioners globally.
A large Indigenous organization in the U.S. selected the full Dayforce suite to support 5,000 employees across Arizona, New Mexico, Utah, and Colorado.
A specialty food distributor with 5,000 employees across the U.S. and Canada has expanded its Dayforce partnership to include Advanced Experience Hub, Succession Planning, Co-Pilot, Career Explorer, Engagement, and Talent Acquisition Management.
A global beverage company has expanded its partnership with Dayforce choosing Time and Managed Payroll, to support 3,100 employees across the United States and Canada.
A global leader specializing in radiation detection, measurement, and monitoring solutions opted for the full Dayforce HCM suite to support its 3,000 employees globally.

Customer Highlights

A global aviation services provider with over 55,000 employees across 36 countries has successfully gone live with Dayforce HR and Payroll for 8,000 employees in the U.K. and plans to continue its global rollout of the platform.
A leading American entertainment company with 23,000 employees successfully launched Dayforce Talent – Performance, Learning, Compensation, and Succession Planning – across its U.S. operations.
A leading U.K. contract catering and support services provider successfully implemented Dayforce HR and Payroll for its 10,500 employees.
A large public sector organization in North Carolina has gone live with Dayforce HR, Payroll, Benefits, Time, and People Analytics to support 8,000 employees.
A U.S gaming and digital entertainment company has successfully gone live with Dayforce HR, Payroll, Time and People Analytics, supporting 5,800 employees across the U.S. and Canada.
A global cybersecurity company has gone live with Dayforce HR, Payroll, and Time and Attendance, supporting 2,900 employees across the U.S.
A leading U.S. based commercial real estate company has successfully implemented Dayforce, using HR, Managed Payroll, Managed Benefits, Time and Talent to support its 2,650 employees.

Product Roadmap Highlights

In the fourth quarter, Dayforce continued to set a new standard for the HCM industry by bringing product capabilities to market to help organizations invest in their people and push their businesses forward.

900+ compliance updates in 2024 further strengthen the company’s industry-leading position in compliance by addressing taxes, workers’ compensation, garnishments, dependent care, and multiple state and city rate changes.
New intelligence capabilities across the Dayforce suite will help customers simplify and accelerate business processes including:
- Dayforce Co-Pilot, made generally available to all customers in Q4, optimizes people operations by enabling a more informed, empowered, and productive workforce through a powerful GenAI assistant that is personalized to answer contextual questions, summarize data, and provide step-by-step guidance.
- Dayforce Artificial Intelligence (“AI”) Agents, announced at Dayforce Discover, will help customers accelerate workflows, efficiencies, and decision-making by automating repetitive tasks across the employee lifecycle.
- AI-enhanced Dayforce Demand Forecasting, a new capability, better predicts demand and labor needs by delivering AI-enhanced insights through machine learning algorithms to help organizations plan more effectively.
- Dayforce Workforce Insights, a new feature, provides critical workforce insights and serves as a one-stop shop for people leaders.
Dayforce Shift Marketplace supercharges staffing mobility by enabling workers to search for, select, and fill open shifts, right from their mobile device. Shift Marketplace provides workers with the up-front information required to understand their role, work, and compensation.
Dayforce Talent enhancements elevate the experience for talent acquisition professionals by enabling them to hire at scale, reduce complexities in recruitment, and view qualified candidates quickly and efficiently.
Dayforce Wallet updates include new direct-to-bank functionality with the option to continue to access available pay using Dayforce Wallet or to choose to send pay directly to another personal bank account and expanded access to on-demand pay using Dayforce Mobile.

Business Outlook

Based on information available as of February 5, 2025, Dayforce is issuing the following guidance for the full year and first quarter of 2025 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

First Quarter 2025 Guidance

Total revenue, excluding float, of $421 million to $427 million, an increase of approximately 13.5% to 15% on a GAAP basis, or approximately 15.5% to 17% on a constant currency basis.
Float revenue of $53 million.
Adjusted EBITDA margin of 31% to 32%.

Full Year 2025 Guidance

Total revenue, excluding float, of $1,745 million to $1,760 million, an increase of approximately 11.9% to 12.8% on a GAAP basis, or approximately 14% to 15% on a constant currency basis.
Dayforce recurring revenue, excluding float, of $1,315 million to $1,340 million, an increase of approximately 13.4% to 15.5% on a GAAP basis, or approximately 15% to 17% on a constant currency basis.
Float revenue of $180 million.
Adjusted EBITDA margin of 32%.
Free cash flow margin of 12%.

Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” section for a reconciliation of Dayforce’s free cash flow margin guidance. Dayforce has not reconciled the Adjusted EBITDA margin ranges for the first quarter or full year of 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

Foreign Exchange

For the first quarter and full year of 2025, Dayforce’s guidance assumes an average U.S. dollar to key foreign currencies as follows:

	% of 2024 total revenue	Foreign exchange rate assumed in guidance	Foreign exchange rate in Q1 2024	Foreign exchange rate in FY 2024
U.S. dollar to Canadian dollar	21%	1.44	1.35	1.37
U.S. dollar to Australian dollar	4%	1.61	1.52	1.52
U.S. dollar to Great British pound	3%	0.81	0.79	0.78

Conference Call Details

Dayforce will host a live webcast and conference call to discuss the fourth quarter and full year 2024 earnings at 8:00 a.m. Eastern Time on February 5, 2025. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the full year and first quarter of 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of customers;
its failure to manage its aging technical operations infrastructure;
system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
its failure to properly update its solutions to enable its customers to comply with applicable laws;
its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
its inability to offer and deliver high-quality technical support, implementation, and professional services;
its inability to attract and retain senior management employees and highly skilled employees;
the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
the impact of adverse economic and market conditions on its business, operating results, or financial condition.

Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


Dayforce, Inc. Condensed Consolidated Balance Sheets (Unaudited)

	December 31,
	2024			2023
(In millions, except per share data)
Assets
Current assets:
Cash and equivalents	$	579.7		$	570.3
Restricted cash		—			0.8
Trade and other receivables, net		264.8			228.8
Prepaid expenses and other current assets		137.5			126.7
Total current assets before customer funds		982.0			926.6
Customer funds		5,001.5			5,028.6
Total current assets		5,983.5			5,955.2
Right of use lease assets, net		12.3			19.1
Property, plant, and equipment, net		223.7			210.1
Goodwill		2,336.7			2,293.9
Other intangible assets, net		189.2			230.2
Deferred sales commissions		231.8			192.1
Other assets		139.8			110.3
Total assets	$	9,117.0		$	9,010.9

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	7.3		$	7.6
Current portion of long-term lease liabilities		5.7			7.0
Accounts payable		77.0			66.7
Deferred revenue		42.3			40.2
Employee compensation and benefits		126.8			92.9
Other accrued expenses		31.5			30.4
Total current liabilities before customer funds obligations		290.6			244.8
Customer funds obligations		5,024.2			5,090.1
Total current liabilities		5,314.8			5,334.9
Long-term debt, less current portion		1,209.1			1,210.1
Employee benefit plans		5.9			27.7
Long-term lease liabilities, less current portion		10.8			18.9
Other liabilities		30.1			21.1
Total liabilities		6,570.7			6,612.7
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par, 500.0 shares authorized, 159.0 and 156.3 shares issued and outstanding, respectively		1.6			1.6
Additional paid in capital		3,363.2			3,151.1
Accumulated deficit		(335.8	)		(317.8	)
Accumulated other comprehensive loss		(482.7	)		(436.7	)
Total stockholders’ equity		2,546.3			2,398.2
Total liabilities and stockholders’ equity	$	9,117.0		$	9,010.9

Dayforce, Inc. Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024		2023
(In millions, except per share data)
Revenue:
Recurring	$	393.7		$	339.1		$	1,517.3	$	1,297.3
Professional services and other		71.5			60.6			242.7		216.4
Total revenue		465.2			399.7			1,760.0		1,513.7
Cost of revenue:
Recurring		87.6			85.5			352.7		324.9
Professional services and other		80.2			68.6			291.0		265.6
Product development and management		57.0			56.4			223.8		209.9
Depreciation and amortization		21.8			19.4			80.4		66.8
Total cost of revenue		246.6			229.9			947.9		867.2
Gross profit		218.6			169.8			812.1		646.5
Selling and marketing		93.5			72.7			342.0		250.2
General and administrative		96.6			58.3			366.0		263.2
Operating profit		28.5			38.8			104.1		133.1
Interest expense, net		7.4			8.9			40.6		36.1
Other expense (income), net		20.2			(5.6	)		25.9		1.0
Income before income taxes		0.9			35.5			37.6		96.0
Income tax (benefit) expense		(9.9	)		(10.1	)		19.5		41.2
Net income	$	10.8		$	45.6		$	18.1	$	54.8
Net income per share:
Basic	$	0.07		$	0.29		$	0.11	$	0.35
Diluted	$	0.07		$	0.29		$	0.11	$	0.35
Weighted average shares outstanding:
Basic		158.3			156.2			157.8		155.3
Diluted		161.8			159.2			160.4		158.5

Dayforce, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	Year Ended December 31,
	2024			2023
(In millions)
Cash flows from operating activities
Net income	$	18.1		$	54.8
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense		(34.1	)		4.1
Depreciation and amortization		209.8			132.5
Amortization of debt issuance costs and debt discount		4.2			4.4
Loss on debt extinguishment		4.3			—
Provision for doubtful accounts		10.1			5.4
Net periodic pension and postretirement cost		10.1			1.1
Share-based compensation expense		155.5			136.7
Change in fair value of contingent consideration		9.0			4.3
Other		0.1			1.0
Changes in operating assets and liabilities, excluding effects of acquisitions:
Trade and other receivables		(48.0	)		(48.3	)
Prepaid expenses and other current assets		(3.3	)		(22.1	)
Deferred sales commissions		(43.9	)		(39.5	)
Accounts payable and other accrued expenses		15.7			9.3
Deferred revenue		(4.4	)		(1.3	)
Employee compensation and benefits		12.8			(7.5	)
Accrued taxes		(3.6	)		(4.7	)
Payment of contingent consideration		(20.9	)		—
Other assets and liabilities		(10.4	)		(10.7	)
Net cash provided by operating activities		281.1			219.5

Cash flows from investing activities
Purchases of customer funds marketable securities		(541.1	)		(528.1	)
Proceeds from sale and maturity of customer funds marketable securities		353.4			445.5
Purchases of marketable securities		(16.2	)		(6.8	)
Proceeds from sale and maturity of marketable securities		14.7			2.0
Expenditures for property, plant, and equipment		(14.3	)		(19.0	)
Expenditures for software and technology		(95.3	)		(95.4	)
Acquisition costs, net of cash acquired		(173.1	)		—
Other		—			(1.0	)
Net cash used in investing activities		(471.9	)		(202.8	)

Cash flows from financing activities
Increase in customer funds obligations, net		51.8			200.9
Proceeds from issuance of common stock under share-based compensation plans		56.6			49.0
Repurchases of common stock		(36.1	)		—
Proceeds from debt issuance		650.0			—
Repayment of long-term debt obligations		(648.3	)		(7.9	)
Payment of debt refinancing costs		(11.4	)		—
Payment of contingent consideration		(3.0	)		—
Net cash provided by financing activities		59.6			242.0

Effect of exchange rate changes on cash, restricted cash, and equivalents		(36.3	)		11.5
Net (decrease) increase in cash, restricted cash, and equivalents		(167.5	)		270.2
Cash, restricted cash, and equivalents at beginning of period		3,421.4			3,151.2
Cash, restricted cash, and equivalents at end of period	$	3,253.9		$	3,421.4

Reconciliation of cash, restricted cash, and equivalents to the consolidated balance sheets
Cash and equivalents	$	579.7		$	570.3
Restricted cash		—			0.8
Restricted cash and equivalents included in customer funds		2,674.2			2,850.3
Total cash, restricted cash, and equivalents	$	3,253.9		$	3,421.4

Supplemental cash flow information
Cash paid for interest	$	45.3		$	52.4
Cash paid for income taxes		56.4			43.0
Cash received from income tax refunds		0.8			0.6

Dayforce, Inc. Revenue Financial Measures (Unaudited)

	Three Months Ended December 31,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	307.6	$	256.4		20.0	%		(0.4	)%		20.4	%
Dayforce float		40.3		35.7		12.9	%		(0.5	)%		13.4	%
Total Dayforce recurring		347.9		292.1		19.1	%		(0.4	)%		19.5	%
Powerpay recurring, excluding float		23.1		23.1		(—	)%		(2.6	)%		2.6	%
Powerpay float		4.4		5.0		(12.0	)%		(4.0	)%		(8.0	)%
Total Powerpay recurring		27.5		28.1		(2.1	)%		(2.8	)%		0.7	%
Total Cloud recurring		375.4		320.2		17.2	%		(0.7	)%		17.9	%
Other recurring (b)		18.3		18.9		(3.2	)%		0.5	%		(3.7	)%
Total recurring revenue		393.7		339.1		16.1	%		(0.6	)%		16.7	%
Professional services and other (c)		71.5		60.6		18.0	%		(0.8	)%		18.8	%
Total revenue	$	465.2	$	399.7		16.4	%		(0.6	)%		17.0	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.4 million and $0.5 million for the three months ended December 31, 2024, and 2023, respectively.
c)	For the three months ended December 31, 2024, Professional services and other consisted of $69.4 million, $1.9 million, $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended December 31, 2023, Professional services and other consisted of $57.6 million, $2.7 million, and $0.3 million associated with Dayforce, Other, and Powerpay, respectively.

	Year Ended December 31,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	1,159.7	$	962.9		20.4	%		(0.3	)%		20.7	%
Dayforce float		180.2		148.2		21.6	%		(0.3	)%		21.9	%
Total Dayforce recurring		1,339.9		1,111.1		20.6	%		(0.2	)%		20.8	%
Powerpay recurring, excluding float		83.7		81.9		2.2	%		(1.6	)%		3.8	%
Powerpay float		18.8		18.4		2.2	%		(1.6	)%		3.8	%
Total Powerpay recurring		102.5		100.3		2.2	%		(1.6	)%		3.8	%
Total Cloud recurring		1,442.4		1,211.4		19.1	%		(0.3	)%		19.4	%
Other recurring (b)		74.9		85.9		(12.8	)%		(0.7	)%		(12.1	)%
Total recurring revenue		1,517.3		1,297.3		17.0	%		(0.3	)%		17.3	%
Professional services and other (c)		242.7		216.4		12.2	%		(0.3	)%		12.5	%
Total revenue	$	1,760.0	$	1,513.7		16.3	%		(0.4	)%		16.7	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $1.3 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively.
c)	For the year ended December 31, 2024, Professional services and other consisted of $233.8 million, $8.5 million, and $0.4 million associated with Dayforce, Other, and Powerpay, respectively. For the year ended December 31, 2023, Professional services and other consisted of $202.1 million, $13.8 million, and $0.5 million associated with Dayforce, Other, and Powerpay, respectively.

Dayforce, Inc. Share-Based Compensation Expense and Related Employer Taxes (Unaudited)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	(in millions)
Cost of revenue – Cloud	$	1.7	$	3.5	$	11.3	$	15.4
Cost of revenue – Other		0.5		0.3		2.2		1.5
Professional services and other		2.5		3.7		14.2		17.2
Product development and management		7.6		6.8		32.6		32.5
Sales and marketing		9.1		4.5		36.3		23.5
General and administrative		16.8		—		60.0		47.0
Total	$	38.2	$	18.8	$	156.6	$	137.1

Dayforce, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:

	Three Months Ended December 31, 2024
	As reported			As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)			As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	75.2			80.0	%	$	1.7	$	—	$	0.1		$	73.4			80.4	%

Operating profit	$	28.5			6.1	%	$	38.2	$	32.5	$	4.1		$	103.3			22.2	%

Net income	$	10.8			2.3	%	$	38.2	$	32.5	$	15.6		$	97.1			20.9	%
Interest expense, net		7.4						—		—		—			7.4
Income tax benefit (c)		(9.9	)					—		—		(8.8	)		(1.1	)
Depreciation and amortization		58.3						—		32.5		—			25.8
EBITDA	$	66.6					$	38.2	$	—	$	24.4		$	129.2			27.8	%

Net income per share – diluted	$	0.07					$	0.24	$	0.20	$	0.10		$	0.60

(a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
(b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustment to operating profit consists of $4.1 million of restructuring expenses. The adjustments to net income also include $17.1 million of foreign exchange loss, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, and a $8.8 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
(c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.

	Three Months Ended December 31, 2023
	As reported			As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)			As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	73.7			77.0	%	$	3.5	$	—	$	—		$	70.2			78.1	%

Operating profit	$	38.8			9.7	%	$	18.8	$	27.8	$	(6.5	)	$	78.9			19.7	%

Net income	$	45.6			11.4	%	$	18.8	$	27.8	$	(11.9	)	$	80.3			20.1	%
Interest expense, net		8.9						—		—		—			8.9
Income tax benefit (c)		(10.1	)					—		—		0.5			(10.6	)
Depreciation and amortization		48.4						—		27.8		—			20.6
EBITDA	$	92.8					$	18.8	$	—	$	(12.4	)	$	99.2			24.8	%

Net income per share – diluted	$	0.29					$	0.12	$	0.17	$	(0.07	)	$	0.50

(a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
(b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of a $7.5 million gain related to the impact of the fair value adjustment for the DataFuzion contingent consideration, a $0.3 million gain related to the abandonment of certain leased facilities, and $1.3 million of restructuring expenses. The adjustments to net income also include $5.9 million of foreign exchange gain and a $0.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
(c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.

	Year Ended December 31, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	303.7		78.9	%	$	11.3	$	—	$	1.0		$	291.4		79.8	%

Operating profit	$	104.1		5.9	%	$	156.6	$	120.0	$	29.8		$	410.5		23.3	%

Net income	$	18.1		1.0	%	$	156.6	$	120.0	$	21.1		$	315.8		17.9	%
Interest expense, net		40.6					—		—		—			40.6
Income tax expense (c)		19.5					—		—		(35.8	)		55.3
Depreciation and amortization		209.8					—		120.0		—			89.8
EBITDA	$	288.0				$	156.6	$	—	$	56.9		$	501.5		28.5	%

Net income per share – diluted	$	0.11				$	0.98	$	0.75	$	0.13		$	1.97

(a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
(b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of $19.8 million of restructuring expenses, $9.0 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, and $1.0 million of fees associated with initiating the receivables securitization program. The adjustments to net income also include $14.2 million of foreign exchange loss, $12.9 million of costs associated with the planned termination of our frozen U.S. pension plan, and a $35.8 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
(c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.

	Year Ended December 31, 2023
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	278.5		77.0	%	$	15.4	$	—	$	—		$	263.1		78.3	%

Operating profit	$	133.1		8.8	%	$	137.1	$	60.5	$	9.1		$	339.8		22.4	%

Net income	$	54.8		3.6	%	$	137.1	$	60.5	$	(13.7	)	$	238.7		15.8	%
Interest expense, net		36.1					—		—		—			36.1
Income tax expense (c)		41.2					—		—		(22.2	)		63.4
Depreciation and amortization		132.5					—		60.5		—			72.0
EBITDA	$	264.6				$	137.1	$	—	$	8.5		$	410.2		27.1	%

Net income per share – diluted	$	0.35				$	0.86	$	0.38	$	(0.09	)	$	1.51

(a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
(b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items. The adjustments to operating profit consist of $4.7 million of restructuring expenses, $4.3 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, and $0.1 million related to the abandonment of certain leased facilities. The adjustments to net income also include $0.6 million of foreign exchange gain and a $22.2 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
(c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.

Dayforce, Inc. Reconciliation of Free Cash Flow (Unaudited)

The following table reconciles Dayforce’s reported results to free cash flow:

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(In millions)
Net cash provided by operating activities	$	81.0		$	89.9		$	281.1		$	219.5
Capital expenditures		(26.8	)		(26.1	)		(109.6	)		(114.4	)
Free cash flow	$	54.2		$	63.8		$	171.5		$	105.1

Operating cash flow margin (a)		17.4	%		22.5	%		16.0	%		14.5	%
Free cash flow margin (b)		11.7	%		16.0	%		9.7	%		6.9	%

The following table reconciles Dayforce’s free cash flow guidance:

	Year Ended December 31, 2025
	Low range			High range
	(In millions)
Net cash provided by operating activities	$	334		$	339
Capital expenditures		(105	)		(105	)
Free cash flow	$	229		$	234

Operating cash flow margin (a)		17.4	%		17.5	%
Free cash flow margin (b)		11.9	%		12.1	%

(a)	Operating cash flow margin is determined by calculating the percentage that operating cash flow is of total revenue.
(b)	Free cash flow margin is determined by calculating the percentage that free cash flow is of total revenue.

Non-GAAP Financial Measures

Dayforce uses certain non-GAAP financial measures in this release including:

Non-GAAP Financial Measure		GAAP Financial Measure
EBITDA		Net income
Adjusted EBITDA		Net income
Adjusted EBITDA margin		Net profit margin
Adjusted Cloud recurring gross margin		Cloud recurring gross margin
Adjusted operating profit		Operating profit
Adjusted operating profit margin		Operating profit margin
Adjusted net income		Net income
Adjusted net profit margin		Net profit margin
Adjusted diluted net income per share		Diluted net income per share
Free cash flow		Net cash provided by operating activities
Free cash flow margin		Operating cash flow margin
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis		Percentage change in revenue, including total revenue and revenue by solution
Cloud annualized retention rate		No directly comparable GAAP measure
Dayforce revenue retention rate		No directly comparable GAAP measure
Dayforce recurring revenue per customer		No directly comparable GAAP measure

Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

Dayforce defines its non-GAAP financial measures as follows:

EBITDA is defined as net income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
Adjusted net income is defined as net income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
Free cash flow margin is determined by calculating the percentage that free cash flow is of total revenue.
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
Cloud ARR is calculated by starting with recurring revenue at year end, excluding revenue from Ascender and eloomi, subtracting the once-a-year charges, annualizing the revenue for customers live for less than a full year to reflect the revenue that would have been realized if the customer had been live for a full year, and adding back the once-a-year charges. We have not reconciled Cloud ARR because there is no directly comparable GAAP financial measure.
Annual Dayforce revenue retention rate is calculated as a percentage, excluding Ascender and eloomi, where the numerator is the Dayforce ARR for the prior year, less the Dayforce ARR from lost Dayforce customers during that year; and the denominator is the Dayforce ARR for the prior year. We have not reconciled Annual Dayforce revenue retention rate because there is no directly comparable GAAP financial measure.
Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, we start with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue, and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. We have not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

Source: Dayforce, Inc.

For further information, please contact:

Investor Relations
1-844-829-9499
investors@dayforce.com

Public Relations
1-647-417-2117
teri.murphy@dayforce.com

MIL-OSI: Recent Draganfly Sales and Activities with Policing Agencies Signals Growing Focus on Northern (Canada) Border Security

Source: GlobeNewswire (MIL-OSI)

Draganfly Confirms Its Strategic & Tactical Positioning and Preparedness for Growing Border Security Demand Amid Global Trade and Security Initiatives

Saskatoon, SK., Feb. 05, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award‑winning leader in drone solutions and systems development, today confirms through recent sales activities its positioning and preparedness to support the enhancement of border security amid evolving global trade and security uncertainties and shifting geopolitical dynamics. Highlighting recent sales activities with policing agencies, Draganfly continues to strengthen its position to support border security with advanced drone technology solutions.

“Recent global trade challenges, tariff uncertainties, and security concerns underscore the critical importance of secure borders and resilient supply chains,” said Cameron Chell, CEO of Draganfly Inc. “Our recent sales activities with policing agencies is a testament to our ability and readiness to provide drone technology and services in support of border security solutions.”

Draganfly’s comprehensive product portfolio—featuring high‑resolution, electro-optical/infra-red and low-light sensors with real‑time data processing capabilities available in multiple tactical communication and control configurations—is designed to deliver multi-mission capabilities for challenging mission profiles. With an emphasis on North American‑made innovation, the Company is committed to supporting the security needs of government agencies and border authorities, ensuring that technology remains at the forefront of national security and economic stability.

“As we continue to navigate an era of rapid geopolitical change, it is essential that both the public and private sectors collaborate to safeguard borders,” added Chell. “Draganfly is proud to be at the leading edge of this effort, leveraging our technological expertise to help create a more secure and resilient border.”

About Draganfly

Draganfly Inc. is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations operate and serve their stakeholders. With over 24 years of innovation, Draganfly is recognized as a leader in the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. The Company’s commitment to ingenuity and first-class services drives its goal to save time, money, and lives across the globe.

For more information on Draganfly, please visit Draganfly’s website. For additional investor information, visit:

The CSE Listing
NASDAQ Listing
Frankfurt Listing

Media Contact Erika Racicot Email: media@draganfly.com

Company Contact Email: info@draganfly.com

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to Draganfly’s comprehensive product portfolio’s ability to deliver multi-mission capabilities for challenging mission profiles. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

The MIL Network –

February 6, 2025

MIL-OSI Asia-Pac: APEDA’s financial assistance schemes boost 47.3% surge in India’s fruit and vegetable exports

Source: Government of India

Posted On: 04 FEB 2025 7:58PM by PIB Delhi

APEDA strengthens exporter growth with new schemes for infrastructure, quality, and market development
India’s fruit and vegetable exports reach 123 countries, with 17 new market added in 3 years

The Department of Commerce through Agricultural and Processed Food Products Export Development Authority (APEDA) provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for Fruits & vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22 to 2025-26) in following three broad areas:

Scheme for infrastructure Development – Financial assistance for setting up of packhouse facilities with packing / grading lines, pre-cooling unit with cold storage and refrigerated transportation etc., cable system for handling of crops like banana, pre-shipment treatment facilities such as irradiation, vapor heat treatment, hot water dip treatment and common infrastructure facilities, reefer vans and missing gap in the existing infrastructure of individual exporters.

Scheme for Quality Development – Financial assistance for purchase of laboratory testing equipment, installation of quality management system, handheld devices for capturing farm level coordinates for traceability and testing of water, soil, residues and pesticides etc.

Scheme for Market Promotion – The assistance covers participation of exporters in international trade fairs, organizing buyer seller meets and developing packaging standards for new products and upgrading the existing packaging standards.

The details of financial assistance guidelines are available at APEDA Website www.apeda.gov.in under the “Scheme” tab.

As a result of these initiatives, there has been a growth of 47.3%, in the volume of exports of fruits and vegetables between the period 2019-20 to 2023-24.

Export data of fruits and vegetables in last five years
Export data of fruits and vegetables in last five years
Country: All
Product: Fresh Fruits & Vegetables
	Value In USD Million					Qty In Thousand MT
Products	2019-20	2020-21	2021-22	2022-23	2023-24	2019-20	2020-21	2021-22	2022-23	2023-24
Fresh Fruits & Vegetables	1,282.43	1,342.13	1,527.63	1,635.95	1,814.58	2,659.48	3,148.08	3,376.25	4,335.68	3,911.95
Source: DGCIS

Growth in terms of Volume in the last five years =47.30%

Growth in terms of Value in the last five years= 41.50 %

The Government maintains the record of total exports of fruits and vegetables from India. The export figures of States are compiled on the basis of the State-of-Origin code reported by the exporters in the shipping bills. Thus, the state wise data of exports of Fruits and vegetables is not available as the same is not validated by DGCI&S. However, the major states producing Fruits and vegetables are Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Bihar, Tamil Nadu, Odisha, Karnataka.

India’s Export of Mango and Onion to World (By Variety)
Product	Variety	USD Million					Qty in MT
Product	Variety	2019-20	2020-21	2021-22	2022-23	2023-24	2019-20	2020-21	2021-22	2022-23	2023-24
Mango	Other Mangoes	0.00	25.42	23.48	33.26	36.18	0.00	15795.09	17448.90	17257.28	23786.16
	Kesar	0.00	2.92	6.91	4.97	11.25	0.00	983.73	2319.08	1749.97	3787.01
	Alphonso (Hapus)	0.00	6.08	10.09	7.84	8.68	0.00	3195.86	5994.86	2829.76	2673.39
	Banganapalli	0.00	1.46	3.01	2.00	3.20	0.00	830.55	1674.04	856.91	1081.68
	Chausa	0.00	0.05	0.05	0.03	0.24	0.00	40.98	25.64	19.72	488.26
	Langda	0.00	0.08	0.16	0.12	0.19	0.00	48.99	122.16	70.02	81.94
	Dasheri	0.00	0.09	0.11	0.06	0.17	0.00	49.50	75.92	34.70	75.54
	Totapuri	0.00	0.07	0.17	0.20	0.16	0.00	47.47	151.01	116.60	91.95
	Mallika	0.00	0.03	0.09	0.06	0.07	0.00	41.40	61.16	28.81	38.17
	Mangoes , Fresh/Dried,	56.11	0.00	0.00	0.00	0.00	49658.68	0.00	0.00	0.00	0.00
	Total Mangoes	56.11	36.20	44.07	48.54	60.14	49658.68	21033.57	27872.77	22963.77	32104.10
Onion	Other Onions Fresh of Chilled	0.00	0.00	0.00	0.00	434.78	0.00	0.00	0.00	0.00	1606683.97
	Rose Onions Fresh of Chilled	0.00	0.00	0.00	0.00	38.94	0.00	0.00	0.00	0.00	110755.38
	Onions, Fresh/Chilled	324.20	378.49	460.56	561.38	0.00	1149896.84	1578016.57	1537496.85	2525258.35	0.00
	Total Onions	324.20	378.49	460.56	561.38	473.72	1149896.84	1578016.57	1537496.85	2525258.35	1717439.35
	Source: DGCIS
	Note :- ITC HS Code with () mark of the Commodity is either dropped or re-allocated*

In FY 2023-24, India’s exports of Fresh Fruits and Vegetables reached 123 countries. In the last 3 years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda, Ghana etc. This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations, organizing buyer seller meets etc.

Department of Commerce is working in close coordination with the MoA&FW in prioritizing agriculture products for market access negotiations to reach new markets. As a result, India has achieved new market access in following commodities in the last three years:

Indian Potatoes and Onions in Serbia
Baby corn and fresh banana in Canada
Pomegranate arils in Australia, USA, Serbia, and New Zealand
Whole pomegranates in Australia via Irradiation treatment

The barriers in accessing new markets differ from product to product and are dynamic in nature. Some of the major barriers in accessing new markets for fruits & vegetables are:

Long geographic distance from India raising the costs of logistics.
Delay in grant of market access by importing countries for certain products.
Stringent Phyto-sanitary requirements imposed by some importing countries.
Delay in registration of enterprises in certain countries.

To address the above issues, various steps are being taken by the Department of Commerce:

For expand market access to our products, MoA&FW & APEDA have identified key products and key countries for intensifying market access negotiations.
Development of Sea protocols for horticulture products to reduce logistic expenses and to enable larger volume of exports.
Regular follow up with the counterpart authorities of importing countries with support of our Missions abroad for registration of facilities and market access negotiations.
For meeting stringent Phyto-sanitary requirements, setting up of traceability system and a system of farmer and facility registration.

This information has been provided by the Union Minister of Commerce and Industry, Shri Piyush Goyal in a written reply in the Lok Sabha today.

***

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2099814) Visitor Counter : 374

MIL OSI Asia Pacific News –

MIL-OSI: YieldMax™ ETFs Announces Distributions on NFLY ($1.0705), CONY ($1.0468), PYPY ($0.6665), YMAX ($0.1944), YMAG ($0.1862) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO, MILWAUKEE and NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share		Distribution Frequency	Ex-Date & Record Date	Payment Date
GPTY*	YieldMax™ AI & Tech Portfolio Option Income ETF	Multiple	$0.3353		*Weekly*	*2/7/2025*	*2/10/2025*
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	Multiple	$0.6280		*Weekly*	2/6/2025	2/7/2025
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$0.1944		*Weekly*	2/6/2025	2/7/2025
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$0.1862		*Weekly*	2/6/2025	2/7/2025
CONY	YieldMax™ COIN Option Income Strategy ETF	COIN	$1.0468		Every 4 Weeks	2/6/2025	2/7/2025
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	COIN	$0.5498		Every 4 Weeks	2/6/2025	2/7/2025
MSFO	YieldMax™ MSFT Option Income Strategy ETF	MSFT	$0.3615		Every 4 Weeks	2/6/2025	2/7/2025
AMDY	YieldMax™ AMD Option Income Strategy ETF	AMD	$0.3812		Every 4 Weeks	2/6/2025	2/7/2025
NFLY	YieldMax™ NFLX Option Income Strategy ETF	NFLX	$1.0705		Every 4 Weeks	2/6/2025	2/7/2025
ABNY	YieldMax™ ABNB Option Income Strategy ETF	ABNB	$0.4033		Every 4 Weeks	2/6/2025	2/7/2025
PYPY	YieldMax™ PYPL Option Income Strategy ETF	PYPL	$0.6665		Every 4 Weeks	2/6/2025	2/7/2025
ULTY	YieldMax™ Ultra Option Income Strategy ETF	Multiple	$0.5369		Every 4 Weeks	2/6/2025	2/7/2025
CVNY**	YieldMax™ CVNA Option Income Strategy ETF	CVNA		–	Every 4 Weeks	–	–
Weekly Payers & Group D ETFs scheduled for next week: GPTY LFGY YMAX YMAG MSTY YQQQ AMZY APLY AIYY DISO SQY SMCY

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*GPTY’s nonstandard dates are for this distribution only. The dates for GPTY’s future distributions will be those set forth in the YieldMax Distribution Schedule.

**The inception date for CVNY is January 29, 2025.

¹Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

MIL-OSI Europe: Written question – Urgent implementation and strengthening of tariff measures on fertilisers from Russia and Belarus – P-000434/2025
Source: European Parliament
Priority question for written answer P-000434/2025
to the Commission
Rule 144
Marta Wcisło (PPE)

The Commission’s highly anticipated decision to introduce tariffs on fertilisers from Russia and Belarus should be implemented without delay. While this decision is a step in the right direction, any delay risks allowing Russian fertiliser exporters to profit from the European market during the peak demand season. Additionally, other fertiliser-related product codes must be included in the measures to close potential loopholes that Russia could exploit as part of its hybrid warfare strategy.

1.Does the Commission intend to include code 3103 of the Combined Nomenclature[1] (covering phosphorus fertilisers such as triple superphosphate (TSP) and single superphosphate (SSP)) within the scope of the regulation, given that, if it does not, the Russian Federation could continue to supply these products to European markets by strategically manipulating the classifications under code 3105 (mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium)?

2.Does the Commission intend to include code 3104 (muriate of potash (MOP), sulphate of potash (SOP)), given that the primary beneficiary of sales of these potash fertilisers is the Russian oligarch-owned company Uralkali and that there are sufficient alternative suppliers from Germany, Spain, Israel, Canada, Laos and Jordan to ensure market stability?

3.What transitional measures does the Commission plan to implement between now and 1 July 2025 to prevent excessive imports from Russia before the tariffs take effect?

Submitted: 31.1.2025

[1] Commission Implementing Regulation (EU) 2023/2364 of 26 September 2023 amending Annex I to Council Regulation (EEC) No 2658/87 on the tariff and statistical nomenclature and on the Common Customs Tariff, OJ L, 2023/2364, 31.10.2023, ELI: http://data.europa.eu/eli/reg_impl/2023/2364/oj.
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Canada: Statement from Minister McPhee on World Cancer Day

Statement from Minister McPhee on World Cancer Day
jlutz
February 4, 2025 – 9:47 am

Minister of Health and Social Services Tracy-Anne McPhee has issued the following statement:

“Today on World Cancer Day, we come together to honour and support everyone affected by cancer and reaffirm our shared commitment to cancer prevention, treatment and care. This year’s theme, United by Unique, highlights the importance of placing people at the centre of care. This theme aligns with our ongoing efforts in the Yukon to deliver personalized and equitable health care services.

“The latest Yukon Health Status Report shows that new cancer diagnosis, including site-specific cancers such as breast, colorectal and lung, have been steadily declining in the Yukon since 2018. While this progress is encouraging, cancer remains one of the leading causes of death in Canada, affecting many individuals and their families and friends. The most common cancers in our territory include breast, lung, colorectal and prostate cancer. This reality highlights the urgent need for robust prevention strategies and accessible health care.

“Over the past year, we have made significant strides in improving cancer care within the territory. More than $500,000 was allocated in the 2024–25 budget to support cancer-related initiatives. We remain committed to building on these efforts and continuing to prioritize resources and initiatives that support Yukoners facing cancer.

“To anyone facing cancer, know that you are not alone. Comprehensive cancer care support is available through the Department of Health and Social Services and the Yukon Hospital Corporation’s Cancer Care Coordinator. Assistance is available at 867-393-8853 or by emailing cancercare@wgh.yk.ca. No referral is needed.

“By standing together, we can make a meaningful difference in the fight against cancer.”

MIL OSI Canada News –

February 5, 2025
MIL-OSI China: ‘Ne Zha’ sequel sets box office record for Chinese animation

Source: China State Council Information Office 3

A poster for “Ne Zha 2.” [Image courtesy of Coloroom Pictures]

Fantasy feature “Ne Zha 2” has become the top-grossing domestic animated feature of all time in a milestone for Chinese cinema.

As of Wednesday, “Ne Zha 2,” has earned over 5.05 billion yuan (about 705 million U.S. dollars) since it premiered just eight days ago on Jan. 29, according to data from ticketing app Beacon.

It is remarkable that the previous high was set by the same film series, with the first “Ne Zha” installation raking in nearly 5.04 billion yuan in 2019.

As ticket sales continue to climb, the sequel could reach a total box office revenue of 6 billion yuan, which would be a record for Chinese film, Beacon projects.

The franchise takes its name from a mythological character in the Ming Dynasty (1368-1644) novel “Fengshen Yanyi,” or “The Investiture of the Gods.” This character, Ne Zha, is also depicted as a demon-slaying hero in the 16th-century Chinese classic “Journey to the West.”

While rooted in Chinese mythology, “Ne Zha 2” — directed by Yang Yu, who goes by the nickname Jiaozi — takes bold creative strides by focusing on Ne Zha’s struggles and growth.

The film reimagines classic elements of Chinese mythology, preserving cultural authenticity while offering fresh interpretations with themes such as personal identity, self-fulfillment, family and friendship, which resonate widely with audiences and evoke a strong sense of empathy.

“As I was watching, I burst out in both laughter and tears. It’s hilarious at the beginning, but deeply touching when the mother and son are separated,” said Zhang Bohan, a film enthusiast from Beijing, commenting on “Ne Zha 2.”

The visuals of “Ne Zha 2” surpass the film’s predecessor, with over 1,900 special effects shots offering an even more immersive cinematic experience. Ne Zha’s costumes, Taiyi Zhenren’s magical artifacts, the architecture of the underwater Dragon Palace, and the scene design of Kunlun Wonderland — every detail of the film highlights the unique charm of traditional Chinese culture.

Impressing audiences with its stunning visuals and engaging storyline, “Ne Zha 2” is rated above 95 percent of animations on Douban, a popular Chinese film review platform.

The film’s domestic box office success has further fueled expectations for its overseas performance, thanks to its fusion of traditional Chinese culture, cutting-edge special effects and modern values.

According to its overseas release schedule, “Ne Zha 2” will be screened in countries such as the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea.

Gou Qiangshi, an associate professor at Chengdu University’s College of Chinese & ASEAN Arts, has noted that Chinese literary classics are a major source of inspiration for domestic animated films. The key to bringing new life to these classics is their creative adaptation to align with contemporary narrative arts.

In recent years, domestic animated films that celebrate traditional Chinese culture have received increased attention, entering a period of rapid development. Films like “Chang’an,” “White Snake” and “Ne Zha” have sparked widespread interest, leading a fresh wave of cinema trends.

MIL OSI China News –

February 5, 2025
MIL-Evening Report: In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue

Source: The Conversation (Au and NZ) – By Melissa Conley Tyler, Honorary Fellow, Asia Institute, The University of Melbourne

One of the executive orders US President Donald Trump signed the day he was inaugurated was a 90-day pause in US foreign development assistance.

The US Agency for International Development, USAID, was ordered to halt funding. Programs worldwide were issued with stop-work orders.

All of a sudden, more than US$60 billion (around A$95 billion) of programs for the world’s most vulnerable people just stopped.

So what happened? The world became less fair, and US soft power fizzled.

What’s happened so far?

We know this decision will cause deaths.

Stop-work orders were delivered to programs that provide AIDS medication to patients. If you stop this, people die.

Charities, many of which work on a shoestring, had no choice but immediately to lay off staff.

Food and vaccines already in warehouses couldn’t be distributed.

Programs providing landmine clearing and counterterrorism training ceased.

Belatedly, the US walked this back to some extent by saying life-saving humanitarian programs would be exempted.

But it doesn’t appear to have slowed the pace of layoffs, partly because of confusion.

With USAID staff now either sacked, placed on forced leave or told to stay home – and the agency’s website taken down – USAID is essentially no longer operational.

Agents from Elon Musk’s Department of Government Efficiency have raided the offices of USAID and assumed control, with Musk posting on his X social network that “USAID is a criminal organization” and “it’s time for it to die”.

Some of the people affected have gone public, including Australian organisations on behalf of their partners.

But most in the sector can’t speak up if they hope for funding in the future. So the true extent of the impacts, including their knock-on effects, is likely much larger than has been publicly reported so far.

A more unequal and unstable world

With the halt in aid for the poorest, the world just became more unequal.

Before this week, the US was the world’s largest aid donor.

USAID was established by then-US president John F. Kennedy in 1961. Its programs focused on improving global health, alleviating poverty and providing emergency relief in response to natural disasters or conflict, as well as enhancing education and strengthening democratic institutions abroad.

The countries that were receiving the most USAID assistance in 2023 were Ukraine, Ethiopia, Jordan, Afghanistan and Somalia.

In the Indo-Pacific, the Lowy Institute’s aid maps show that the Pacific received US$249 million (about A$470 million) and SouthEast Asia received US$1 billion (almost A$1.6 billion) in US overseas development assistance annually in the most recent data.

This funded 2,352 projects, including peacebuilding in Papua New Guinea, malaria control in Myanmar, early childhood development in Laos, and programs to improve the education, food security and health of school-age children across the region.

All of these programs are now being reviewed to ensure they are “fully aligned with the foreign policy of the President of the United States”.

Based on the first Trump administration, there seems no chance that programs on climate, gender equality, abortion and equity inclusion will be reinstated after the 90-day assessment period. Losing funds for climate adaptation and mitigation is a huge issue for the Pacific Islands.

Assistance for survivors of gender-based violence, employment for people with disabilities and support for LGBTQIA+ youth will likely lose funding.

In communities that received significant USAID funding, the sudden cut in programs and loss of community organisations will damage the fabric of society.

An unequal world is a less stable one. Australia’s peak body for the non-government aid sector, the Australian Council for International Development, says the suspension of USAID programs “will work against efforts to build peace, safety, and economic stability for the world”.

A power that’s no longer super

Thinking of the impact on the US interests, there has been an enormous hit to US soft power from an entire pillar of US foreign policy suddenly disappearing.

This is underlined by the fact the cuts apply equally to ally, partner and adversary nations alike.

In the Pacific, the Biden Administration made a real effort to increase US presence, opening embassies and announcing USAID programs.

All of this has now been squandered by withdrawing from this space. I am aware of a project for which China has come in to provide funding where US funding has gone. It is a spectacular setback for the US.

What is most extraordinary is that this is self-inflicted damage. There were alternatives, such as continuing business as usual during a 90-day period of review, then giving notice to some programs that they would be discontinued.

The performative and haphazard way in which the policy has been implemented suggests an administration that doesn’t care much about the world outside its borders and is more concerned about ideological battles within.

Researcher Cameron Hill describes Trump as linking foreign aid “to the symbols and slogans of his domestic political coalition”. This is likely to continue beyond the demise of USAID to other agencies involved in foreign assistance, such as development finance.

Australia needs to help fill the gap

What does this mean for Australia? As a middle power, it has an opportunity to step up – and work with other development partners such as Japan, Korea, India, Indonesia, Canada and European donors in the face of a genuine emergency.

For the Australian government this might mean an emergency increase in development funding or freeing up existing funding to keep the lights on.

Australia will undoubtedly now need to step up on climate programs in the Pacific if US funding doesn’t return. Australia could seek to convene an urgent meeting through the Pacific Islands Forum to discuss.

The first fortnight of the Trump administration has had global impact well beyond US politics. On the most important issue for the majority of the world – development – the US decided to withdraw, destroying in a few days what have taken decades to build.

Melissa Conley Tyler is Executive Director at the Asia-Pacific Development, Diplomacy & Defence Dialogue (AP4D), an initiative funded by the foreign affairs and defence portfolios and hosted by the Australian Council for International Development.

– ref. In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue – https://theconversation.com/in-freezing-foreign-aid-the-us-leaves-people-to-die-and-allows-china-to-come-to-the-rescue-249024

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI USA: On Senate Floor, Shaheen Condemns Proposed Trump Tariffs that Would Increase Costs on Granite Staters
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) delivered remarks on the Senate floor condemning President Trump’s proposed tariffs on Mexico and Canada, New Hampshire’s largest trading partner, that could cause prices on everything from gas to cars to groceries to skyrocket, hurting Granite Staters and Granite State businesses. Click here to watch the full speech.

Key Quotes from Senator Shaheen:
- “Even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.”
- “President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.”
- “For Elon Musk and his billionaire friends, and the billionaire friends of the President, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold.”
- “I’m glad for the delay. I don’t want people to misunderstand that. But how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?”
Remarks as delivered can be found below:

We’re here today to talk about a very serious issue, and that is the tariffs that President Trump is talking about imposing on goods from Canada and Mexico, and the impact that will have on Americans.

On Saturday, President Trump announced a 25% tariff, which would be a tax on imported goods from Canada and Mexico, and a 10% tariff, which would amount to a tax on imported energy from Canada, and on all goods from China.

So, 10% on all goods from China and then 10% on energy from Canada.

He’s also threatened universal tariffs on all countries.

Now, thankfully, the tariffs that he announced on Canada and Mexico appear to have been delayed for a month, but the tariff taxes on China are now in effect.

And even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.

Now, I want to point out in the beginning very clearly that it’s not foreign countries who pay these taxes, these tariff taxes, it’s Americans who pay these tariff taxes.

These are tariff taxes on imported goods, meaning that the person or company who is importing the good will be footing the bill – and these costs will be passed on to American consumers and businesses.

And you don’t have to take my word for it: Best Buy’s CEO said, and I quote, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.”

And Walmart’s CFO said, “there will probably be cases where prices will go up for consumers.”

Columbia Sportswear’s CEO said about tariffs “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.”

Now, if we look at the cost of just the tariff taxes that were originally announced on Saturday, those would raise costs for the average American household by more than $1,200 a year.

And if we get into a trade war with increasingly high tariffs on both sides—and that’s what it appears could be happening with China—those costs would go up even more.

Now, President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.

I’m glad the administration and the President listened to reason.

He delayed the start of these tariffs, but I hope we don’t have to be back here in a few weeks making this case again.

And I want to make sure that people understand what these tariff taxes would do and highlight some of the areas where Americans would be directly affected.

First is energy.

America imports more oil and gas from Canada than any other product.

In New Hampshire, more than half of the gas in people’s cars comes from Canada.

These tariff taxes would make gas prices go up, and they could even lead to supply shortages because refinery and delivery infrastructure just doesn’t turn on a dime.

President Trump’s new 10% tariff tax on energy from Canada would also directly raise the cost of keeping warm for Granite Staters during the coldest months of this year.

In New Hampshire, our number one import from Canada is heating oil, and nearly a quarter of a million households in New Hampshire—that’s about 40% of our households—more than Vermont, I think
Senator Welch, rely on fuel oil to heat their homes.

We’re the second highest state in the nation, next to Maine who relies on number two heating oil, to heat our homes.

Another hundred thousand Granite Staters rely on propane and about 30,000 homes use wood.

So that’s about 60% of New Hampshire that relies on delivered fuel to stay warm. Much of that is coming from Canada.

The average home in New Hampshire on heating oil, uses about 600 gallons in the winter and for older, draftier homes, and sadly we have a lot of those in New Hampshire, or those who are further up north, families may be using upwards of a thousand gallons a winter.

And with temperatures dipping as low as 20 below zero in the state in recent weeks, heating oil is a real necessity.

And my constituents are already getting notices, and I don’t know, Senator Welch, if the same is true of your constituents, but I bet it is. But they’re saying that those notices tell them their costs are going to go up if these tariffs go into effect.

On Sunday, I heard from Derek in Sandwich, New Hampshire, who received a letter from his heating supplier, Irving Oil, that informed him that his bill for heating oil would be going up.

The letter stated, “As you may be aware, the U.S. government has announced a new tariff on imports from Canada, including the heating oil or propane that Irving Energy delivers to you.”

And the letter went on to describe that the tariff costs will be added to the price that he pays, even though he already has a contract.

As Derek wrote to me, “I will now have less to spend locally. My local businesses will suffer through lost business and increased costs. And then their suppliers and employees will suffer. It’s a real hardship.”

On inauguration day, this year, heating oil cost an average of $3.93 a gallon in New Hampshire.

Tacking an ill-advised 10% tariff tax on heating oil from Canada could mean about $150 to $250 more for many in New Hampshire just to keep warm through the winter.

And while for Elon Musk and his billionaire friends, and the billionaire friends of the president, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold in the winter.

So let me also be clear: We don’t use gas and heating oil from Canada because we don’t produce it here in the United States. We do it because it makes logistical and economic sense because in New England, we are at the end of the pipelines that are coming from Texas and the south.

Now, the United States produces more oil than any other country in the history of the world.

That was true during the last three years of the first Trump Administration. It was true for the last four years of the Biden Administration.

But for New Hampshire, the Saint John Refinery in Canada simply provides us the closest, lowest-cost supply.

And by the way, that refinery sources as much as half of its crude oil from the United States.

So, it’s helping oil producers in the United States send their oil the refinery, and we get it back in New Hampshire and New England.

President Trump campaigned on cutting energy prices in half. Reckless tariffs on Canada and Mexico will make those prices higher, not lower.

New Hampshire families shouldn’t be punished for what The Wall Street journal has just called, “The Dumbest Trade War in History”.

And that’s not all. These tariff taxes will affect groceries because the U.S. imports 38% of our fresh vegetables, 60% of our fresh fruit and more than 99% of the coffee that we drink.

If we take all these together, Americans could be seeing an extra $200 a year on their grocery bills because of the trump tariff taxes.

That doesn’t include the longer term impact of taxes on farm equipment or fertilizer. America imports about 85% of the potash fertilizer we use and much of that comes from Canada.

Now, we already have record-high prices on coffee and eggs, if you can find eggs, some grocery stores are sold out. And one of the things that just happened in the last week is that because of the stop-work order that President Trump put on our services that we provide overseas to track bird flu, we’re no longer tracking the bird flu that has helped to drive up the cost of eggs.

So, it could get worse and we’re not even going to know about it until we see those prices reflected at the grocery store.

Any new 25% tariff tax on these imports would make our food more expensive when families are already stretching and straining their household budgets.

Tariffs sometimes get talked about as a way to support American manufacturers, but that also misses the mark.

Half of the products the U.S. imports are either raw materials or intermediate components, and that means the parts we make into cars or electronics.

All of these inputs would get more expensive for American manufacturers, which is only going to make it harder for them to compete internationally.

One of the messages I hear regularly from businesses is that uncertainty is one of the hardest things for them to deal with.

One example of this is a call I got two weeks ago from a small business owner in New Hampshire who sells specialized agricultural equipment both in the U.S. and overseas.

This is a family business with five employees. His father founded it 50 years ago, and he reached out specifically because he’s worried about what tariffs on the components he buys from Canada could do to his business.

For the specialized equipment that he needs, there aren’t a lot of manufacturers out there.

So, he reached out to my office asking if he was going to have to pay $5,000 more in costs for each of the machines he sells.

He took over this business just a couple of years ago and he’s been working to invest to modernize it and expand.

Now he has to worry about whether he can try to grow the business, whether he might face new foreign competition or even if he can pay out bonuses or give raises to his employees.

He can’t even be certain what kind of pricing schedule he should send out for the year because his costs could go up $5,000 next month.

And last week, I heard from another small business, Granite State Packing. It’s a start-up meat-processing company that’s only two years old.

They started just two years ago, and they already have ten employees.

Last year, they actually got $1.6 million in a grant from USDA to expand their operations. That’s going to allow them to double their workforce.

In order to expand, they placed an order for $500,000 in new equipment because the specialized equipment that they use isn’t made in the United States.

Now, depending on how and when these tariffs go into effect, and when their equipment might get delivered, they could be looking at an increased bill for $125,000.

That’s going to affect whether they can follow through on the expansion, whether they can actually add the staff they want to add, and they don’t have any way of knowing if they’re going to face an unexpected $125,000 bill because President Trump and this administration hasn’t made up their mind about what they’re going do with these tariffs.

Over the weekend, I had another business owner from C&J bus lines, they run a great bus line from the seacoast of New Hampshire to Boston.

The owner told me that they’ve ordered seven new buses from Quebec—new buses because they’re made in Quebec—these tariffs would add $150,000 to the cost of each bus.

Now, between that and the higher fuel costs that they would pay, they could be looking at $1.3 million more in added costs this year because of the Trump tariff tax.

No small business can easily just absorb a 25% price increase, nor can they plan on how to grow their business and keep providing good-paying jobs with this kind of uncertainty.

Make no mistake, I’m glad the administration delayed these tariffs. I hope they understand how this action could affect America’s small businesses and the impact this would have on the economy.

And let me finally just talk about housing impacts, because New Hampshire has an affordable housing crisis.

These tariffs would make that worse.

Lumber makes up about 15% of building a house, and a lot of building materials, in addition to lumber, are imported.

The National Association of Homebuilders wrote in part, and I quote, “imposing additional tariffs on these imports will ultimately be passed on to home buyers in the form of increased housing prices.”

That means that this 25% tariff tax would directly add to the cost of building a home at a time when too many Granite Staters and too many Americans across the country already can’t afford housing.

And we shouldn’t pretend that American tariffs are going to go unanswered. Other countries are going to retaliate, and getting into a tit for tat trade war is not going to help working Americans pay their bills.

Families across New Hampshire and America are worried about the high cost of housing, about the cost of groceries, about what it costs to heat their homes.

Business owners are similarly worried about costs or unexpected expenses. I’m hearing regularly from them about the impact of the uncertainty on their ability to grow their businesses because of these tariffs.

President Trump promised during his campaign, and I’m quoting here, “to lower the price of everything,” but instead of doing something to lower costs, what he’s doing now, what his administration is doing, is planning to add a 25% tariff tax to countless imports from Canada and Mexico.

And they’ve already added a 10% tariff tax on goods coming in from China.

And again, while this was delayed at the last minute, this would raise costs for everything from groceries to housing to energy.

It would proportionately hit lower-income families.

I’m glad for the delay. I don’t want people to misunderstand that, but how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?

I want to finish by reading a quote here.

The quote says, “Tariffs are inflationary, and would strengthen the dollar—hardly a good starting point for U.S. Industrial renaissance.”

That’s a quote from Scott Bessent, the new Treasury Secretary who just got confirmed, when he wrote to his investors just a year ago.

I happen to agree with what he said then, but unfortunately the administration he just joined seems to be willing to risk more inflation.

These sweeping tariff tax increases would hurt American families, businesses and workers.

I’m glad the taxes on goods from Canada and Mexico were delayed.

I hope this administration can provide everyone with certainty that they won’t go into effect next month.

Thank you, Mr. President. I yield to my colleague from Vermont.

Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada which are expected to cost the average Granite Stater $1,100 per year.

Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.

After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Chairman Mast Exposes Outrageous USAID and State Department Grants

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast released the following video exposing radical, far-left grants issued by the State Department and United States Agency for International Development under the Biden administration.

WATCH HERE

Democrats and unaccountable bureaucrats don’t want Americans to know how their hard-earned tax dollars are being wasted abroad. Chairman Mast is here to set the record straight.

Several egregious examples include:

$15 million for condoms to the Taliban through USAID.

$446,700 to promote the expansion of atheism in Nepal through the State Department.

$1 million to boost French-speaking LGBTQ groups in West and Central Africa through the State Department.

$14 million in cash vouchers for migrants at the southern border through the State Department.

$20,600 for a drag show in Ecuador through the State Department.

$47,020 for a transgender opera in Colombia through the State Department.

$32,000 for an LGBTQ-centered comic book in Peru through the State Department.

$55,750 for a climate change presentation warning about the impact of climate change in Argentina to be led by female and LGBT journalists through the StateDepartment.

$3,315,446 for “being LGBTQ in the Caribbean” through USAID.

$7,071.58 for a BIPOC speaker series in Canada through the State Department.

$80,000 for an LGBTQ community center in Bratislava, Slovakia through the State Department.

$3.2 million to help Tunisian migrants readjust to life in Tunisia after deportation through the State Department.

$16,500 to foster a “united and equal queer-feminist discourse in Albanian society” through the State Department.

$10,000 to pressure Lithuanian corporations to promote “DEI values” through the State Department.

$8,000 to promote DEI among LGBTQ groups in Cyprus through the State Department.

$1.5 million to promote job opportunities for LGBTQ individuals in Serbia through USAID.

$70,884 to create a U.S.-Irish musical to promote DEI in Ireland through the State Department.

$39,652 to host seminars at the Edinburgh International Book Festival on gender identity and racial equality through the State Department.

$2.5 million to build electric vehicle charging stations in Vietnam’s largest cities through USAID.

$425,622 to help Indonesian coffee companies become more climate and gender friendly through USAID.

###

MIL OSI USA News –

February 5, 2025

MIL-OSI: Bitdeer Announces Strategic Acquisition of 101 MW Site and Gas-fired Power Project in Alberta to Deliver the Industry’s First Fully-Vertically Integrated Bitcoin Mining Site

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.

The 101 MW gas-fired power project includes all permits and licenses required to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”). Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.

Concurrently, the Company plans to build 99 MW of datacenter capacity for Bitcoin mining. This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.

Strategic Benefits

Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The Company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh¹, based on current gas prices.
Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.

“We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium. It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Chief Strategy Officer at Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”

Regarding the project, Danielle Smith, Premier of Alberta said, “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

Estimated Costs and Development Timeline
The Company plans to commence site preparation and initial infrastructure development in Q2 2025 and energization in Q4 2026.

Asset	Actual and Estimated Costs
101 MW Fox Creek Site and 19-acre land near Fox Creek, Alberta	$21.7 million cash
Gas-fired power plant	~$90 million
Electrical & datacenter infrastructure	$300K per MW or ~$30 million

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing industry. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

¹ Assumes natural gas costs of ~$2.06 / GJ, plus regular maintenance and O&M

MIL-OSI Security: Zagime Anishinabek — UPDATE: Saskatchewan RCMP Major Crimes investigating suspicious deaths; increased police presence on Zagime Anishinabek

Source: Royal Canadian Mounted Police

On February 4, 2025 at approximately 11:15 a.m., File Hills First Nations Police Service received a report of sudden deaths at a residence on Carry the Kettle Nakoda Nation.

Officers immediately responded. They located four deceased persons in the residence.

This is an unfolding investigation and we are unable to provide further details about the deceased persons at this time. We’ll do so once we are able to, and we’ve confirmed that next of kin notifications are complete.

Initial investigation by File Hills First Nations Police Service determined their deaths are suspicious in nature. As such, Saskatchewan RCMP Major Crimes was engaged to continue the investigation.

There will be a continued increased police presence on Carry the Kettle Nakoda Nation.

On February 4, 2025 at approximately 3:15 p.m., Saskatchewan RCMP received multiple reports of an adult male pointing a gun at individuals on Zagime Anishinabek (formerly known as the Sakimay First Nation).

It is unknown if this incident is related to the sudden deaths on Carry the Kettle Nakoda Nation. We will provide an update on this investigation as soon as we are able.

Saskatchewan RCMP advise there is currently an increased police presence on Zagime Anishinabek in relation to this ongoing investigation. People are asked to avoid the areas where police officers are present and follow any police direction provided.

The public is asked to remain vigilant and exercise caution if in the Zagime Anishinabek area.

If an imminent risk to public safety is identified, we will notify the public. Further updates will be provided as we are able to.

MIL Security OSI –

February 5, 2025
MIL-OSI: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Notification

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the fourth quarter ended December 31, 2024 on Wednesday, March 5, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, March 6, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 71653

A replay will be available through April 6, 2025, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 71653
Playback Passcode: 71653

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Registration

A replay will be available until April 6, 2025, using the link provided.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information, please contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
Phone: (780) 960-7171
Email: ir@nacg.ca

The MIL Network –

February 5, 2025

MIL-OSI: Hut 8 Operations Update for January 2025

Source: GlobeNewswire (MIL-OSI)

Infrastructure upgrades near completion in advance of expected miner deliveries

205 MW Vega project advancing on track for Q2 2025 energization

MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for January 2025.

“With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8. “While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated.”

“We continue to execute on key growth initiatives across our digital infrastructure layer. Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline.”

Highlights

Infrastructure upgrades near completion in advance of expected miner deliveries for initial fleet upgrade
Data center construction at Vega progressing rapidly, on track for Q2 energization (image to left)
Advanced AI data center development opportunities across development pipeline

Operating Metrics

Average during the period unless otherwise noted¹	January 2025	December 2024
Total energy capacity under management (mining)^2,3,4	665 MW	665 MW
Total deployed miners under management⁵	115.3K	121.4K
Total hashrate under management⁶	12.7 EH/s	13.2 EH/s

Self-Mining⁷
Deployed miners^8,9	47.1K	53.2K
Deployed hashrate¹⁰	5.0 EH/s	5.5 EH/s
Bitcoin produced³^,¹¹	65 BTC	89 BTC
Bitcoin held in reserve³^,12	10,208 BTC	10,171 BTC

Managed Services¹³
Energy capacity under management³	280 MW	280 MW
Deployed miners under management⁹	85.7K	85.5K
Hashrate under management	9.4 EH/s	9.4 EH/s

Hosting
Deployed miners under management^9,14	68.1K	68.2K
Hashrate under management¹⁵	7.7 EH/s	7.7 EH/s

Energy Infrastructure Platform³

				Current/Contracted Revenue Stream(s)¹⁶
Site	Location	Owner¹⁷	Power Capacity	Self- Mining	Managed Services	Hosting	HPC	Power Sales
Vega¹⁸	Texas Panhandle	Hut 8	205 MW			Yes¹⁹
Medicine Hat	Medicine Hat, AB	Hut 8	67 MW	Yes
Salt Creek	Orla, TX	Hut 8	63 MW	Yes
Alpha	Niagara Falls, NY	Hut 8	50 MW			Yes
Drumheller²⁰	Drumheller, AB	Hut 8	42 MW
Kelowna	Kelowna, BC	Hut 8	1.1 MW				Yes
Mississauga	Mississauga, ON	Hut 8	0.9 MW				Yes
Vaughan	Vaughan, ON	Hut 8	0.6 MW				Yes
Vancouver II	Vancouver, BC	Hut 8	0.5 MW				Yes
Vancouver I	Vancouver, BC	Hut 8	0.3 MW				Yes
King Mountain²¹	McCamey, TX	Hut 8 (JV)	280 MW	Yes	Yes	Yes		Yes
Iroquois Falls²²	Iroquois Falls, ON	Hut 8 (JV)	120 MW					Yes
Kingston²²	Kingston, ON	Hut 8 (JV)	110 MW					Yes
North Bay²²	North Bay, ON	Hut 8 (JV)	40 MW					Yes
Kapuskasing²²	Kapuskasing, ON	Hut 8 (JV)	40 MW					Yes
Total			1,020 MW

Upcoming Conferences & Events

February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
February 24–28, 2025: Bitcoin Investor Week, New York
February 25–27, 2025: Infocast ERCOT Market Summit, Austin
March 3–6, 2025: Morgan Stanley Energy & Power Conference, New York

Notes:

	(1)	All figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
	(2)	Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
	(3)	As of the end of the period.
	(4)	Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
	(5)	Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
	(6)	Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
	(7)	Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
	(8)	Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38.4K during January 2025 and 44.5K during December 2024.
	(9)	Miners are rounded to the nearest 100.
	(10)	Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both January 2025 and December 2024.
	(11)	Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 51 BTC during January 2025 and 74 BTC during December.
	(12)	Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
	(13)	Managed Services includes 280 MW of capacity under management at King Mountain.
	(14)	34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during January 2025 and December 2024.
	(15)	3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both January 2025 and December 2024.
	(16)	Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
	(17)	Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
	(18)	Site is currently under development.
	(19)	Anticipated to begin generating revenue by Q2 2025.
	(20)	Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
	(21)	Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
	(22)	Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.

About Hut 8

Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the completion of the Company’s infrastructure upgrades, the timing of the delivery and energization of Company’s initial fleet upgrade, the Company’s execution on key growth initiatives, the timing for the buildout and energization of the Company’s Vega site, and the Company’s continuing progress and expansion of its development pipeline.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Media Relations
media@hut8.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9acab77-45dc-4fc4-9d65-ccaa8aa90be2

MIL-OSI: Diversified Royalty Corp. Announces February 2025 Cash Dividend

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of February 1, 2025 to February 28, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on February 28, 2025 to shareholders of record as of the close of business on February 14, 2025.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the February 2025 dividend to be paid to DIV’s shareholders; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 21, 2024 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

In formulating the forward-looking information contained herein, management has assumed that, among other things, DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(236) 521-8470

Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(236) 521-8471

The MIL Network –

February 5, 2025
MIL-OSI Canada: Prime Minister announces Terry Duguid as the new Ministerial Lead for Jasper
Source: Government of Canada – Prime Minister

The Prime Minister, Justin Trudeau, today announced that the Minister of Sport and Minister responsible for Prairies Economic Development Canada, Terry Duguid, will also serve as Ministerial Lead for Jasper.

In this role, Minister Duguid will continue the federal government’s work to support people and businesses in Jasper following last summer’s unprecedented wildfires that devastated the town. He will co-ordinate federal support with provincial, municipal, and Indigenous partners to accelerate the recovery process, report on its progress, and ensure environmental protection measures remain world-class. He will be supported in this role by a working group of Cabinet ministers – each with their own mandate in helping Jasper recover.

Jasper is a home to Indigenous Peoples since time immemorial and a place of natural beauty that has long attracted visitors from all over the world. As the people of Jasper continue to rebuild their community, the Government of Canada is committed to ensuring this national treasure builds back stronger than ever before.

Quote

“Our government will always be there for the people of Jasper. With Minister Duguid as Ministerial Lead for Jasper, we’re making sure Jasper recovers, rebuilds, and continues to prosper, so its breathtaking beauty can be experienced for generations to come.”

Quick Facts
- The position of Ministerial Lead for Jasper was established in October 2024 to ensure the long-term recovery of Jasper.
- Last week, the Government of Canada announced an additional $12.6 million in matching funds to the Canadian Red Cross’ 2024 Alberta Wildfires Appeal. These funds have contributed to a total of $40.4 million in support of people impacted by the wildfires in Jasper.
Associated Link

MIL OSI Canada News –
February 5, 2025
MIL-OSI Security: Beauval — Beauval RCMP seek public assistance locating missing 27-year-old male
Source: Royal Canadian Mounted Police

On February 1, 2024 RCMP received a report of a missing 27-year-old male, Isiah Hanson.

Isaiah was last seen at on January 31, 2025 at approximately 4 a.m. traveling on foot on Highway 965 near Jans Bay.

Since he was reported missing, Beauval RCMP have been checking places Isiah Hanson is known to visit and following up on information received. They are now asking members of the public to report information on Isiah’s whereabouts.

Isiah is described as:
- Height: 5’5″
- Weight: 115 lbs
- Eye colour: brown
- Hair colour and style: short black
- Last seen wearing: green winter coat, black Carhartt toque, “Hustle Game” sweatpants and greyish-brown Vans runners
- Other descriptors: several forearm tattoos and large tattoo on left upper arm and shoulder
Isiah may have been picked up in a white pickup truck headed toward the Dillon area, but his current whereabouts are unknown.

If you have seen Isiah Hanson or know where he is, contact Beauval RCMP at 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

MIL Security OSI –
February 5, 2025
MIL-OSI Canada: Don’t default to the Rate of Last Resort
[. While most ratepayers choose to sign competitive contracts with one of more than 50 electricity providers in the province’s uniquely competitive market, those who don’t are automatically enrolled on the Rate of Last Resort – the default electricity rate – and likely to pay more for their power.

As part of ongoing efforts to help Albertans save more on their electricity bill, Alberta’s government is launching an advertising campaign to encourage Albertans to explore their electricity options and ensure they know they don’t have to settle for the Rate of Last Resort.

“Albertans shouldn’t pay more on their power bill than they have to. Our government is taking action to ensure they have the tools they need to make informed decisions about their electricity so more of their hard-earned dollars can be used where they’re needed most for them and their families.”

Nathan Neudorf, Minister of Affordability and Utilities

Last year, tens of thousands of households made the switch from the Rate of Last Resort to a competitive contract. The campaign aims to ensure new Albertans and first-time ratepayers still on the Rate of Last Resort know they have choices when it comes to their power bill, and a better electricity option that could save them hundreds of dollars may be available to them.

“Alberta’s competitive electricity market gives consumers choice, and for most Albertans, competitive retail rates are a better choice than the Rate of Last Resort. I encourage everyone to learn about their electricity options and contact the Utilities Consumer Advocate if you need help understanding your utilities.”

Chantelle de Jonge, parliamentary secretary, Affordability and Utilities

The campaign builds on existing consumer awareness initiatives and efforts to lower utility bills and protect ratepayers from volatile price spikes. New regulations came into effect Jan. 1 that require providers to clearly indicate on customers’ utility bills if they are on the Rate of Last Resort and inform them of their competitive retail market options. Every 90 days, the Utilities Consumer Advocate will contact all ratepayers on the Rate of Last Resort, confirm whether they would like to remain on the default rate and encourage them to explore their options.

“Moving to a new place can be overwhelming and expensive, especially those moving from outside the province or country. Alberta’s government is helping ease stress and financial strain by making sure newcomers are informed about their electricity options.”

Yuliia Haletska, case manager – Ukrainian, vulnerable population services, Centre for Newcomers

To protect any Albertans who may not be able to sign a competitive contract from sudden, volatile price spikes, the Rate of Last Resort is set at approximately 12 cents/kWh. The rate is set every two years and can only be changed by a maximum of 10 per cent between two-year terms. Through these changes, Alberta’s government is making the Rate of Last Resort more stable and predictable for Albertans unable to sign a competitive contract. Albertans who are looking for help with their utility bills or are experiencing a dispute with their provider should contact the Utilities Consumer Advocate (UCA).

Quick facts
- Albertans have three options when purchasing their electricity: the Rate of Last Resort, a competitive contract for a variable rate, or a competitive contract for a fixed rate.
- Competitive retail contracts continue to provide the best, lowest cost options for Albertans.
- The Rate of Last Resort is approved by the Alberta Utilities Commission (AUC) and is not determined by the government.
- Approximately 26 per cent of residential customers purchase electricity through the Rate of Last Resort.
- Approximately 29 per cent of eligible commercial customers and 40 per cent of farm customers purchase electricity through the Rate of Last Resort.
Related information
- Utilities Consumer Advocate
- Alberta Utilities Commission
Related news
- Rewiring Alberta’s electricity system (Dec. 10, 2024)
- Introducing the Rate of Last Resort (Sept. 25, 2024)
- Power rates slashed in half by new market rules (Sept. 5, 2024)
- Power watchdog supports Alberta’s electricity market reforms (Aug. 6, 2024)
- Making utility bills more affordable (April 22, 2024)
- Making electricity more affordable (April 18, 2024)
Multimedia
- Watch the news conference
MIL OSI Canada News –
February 5, 2025
MIL-OSI: Canoe EIT Income Fund Announces February 2025 Monthly Distribution and Quarterly Distribution on Preferred Units

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the February 2025 monthly distribution of $0.10 per unit. Additionally, the Fund announces a quarterly distribution for preferred units. Cumulative Redeemable Series 1 (EIT.PR.A) and Series 2 Preferred (EIT.PR.B) unitholders will receive a distribution of $0.30 per unit. Unitholders of record on February 24, 2025, will receive distributions payable on March 14, 2025.

About Canoe EIT Income Fund
Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $19.5 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

For further information, please contact:
Investor Relations
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

The MIL Network –

February 5, 2025

MIL-OSI: ChampionX Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth-quarter revenue of $912.0 million
Fourth-quarter net income attributable to ChampionX of $82.8 million
Fourth-quarter adjusted EBITDA of $212.3 million
Fourth-quarter income before income taxes margin of 13.0%
Fourth quarter adjusted EBITDA margin of 23.3%
Fourth-quarter cash from operating activities of $207.3 million and free cash flow of $170.1 million

Full-year net income attributable to ChampionX of $320.3 million
Full-year adjusted EBITDA of $784.7 million
Full-year cash from operating activities of $589.7 million and free cash flow of $460.5 million

THE WOODLANDS, Texas, Feb. 04, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced fourth quarter of 2024 and full year 2024 results. For the fourth quarter of 2024, revenue was $912.0 million, net income attributable to ChampionX was $82.8 million, and adjusted EBITDA was $212.3 million. Income before income taxes margin was 13.0%, and adjusted EBITDA margin was 23.3%. Cash provided by operating activities was $207.3 million, and free cash flow was $170.1 million.

CEO Commentary

“2024 was a year in which we continued to demonstrate the unique nature of ChampionX’s cash flow resiliency, driven by the strength of our high-margin operating model and capital-light portfolio of businesses. We delivered robust adjusted EBITDA margin expansion and generated strong free cash flow. Our differentiated performance is the direct result of our employees around the world remaining committed to serving our customers well and living our continuous improvement culture daily. I am thankful and humbled to lead such a remarkably dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

“During the fourth quarter of 2024, we generated revenue of $912 million, which increased 1% sequentially, driven by seasonal strength in our Production Chemical Technologies business. Sequential growth in Production Chemical Technologies was offset by typical seasonal declines in our Production & Automation Technologies business into the year-end holidays. For the full year 2024, we generated revenue of $3.6 billion, and we grew our North America revenue by 3% year-over-year, driven by particular strength in the Permian basin. We generated net income attributable to ChampionX of $83 million, income before income taxes margin of 13.0%, and delivered adjusted EBITDA of $212 million, representing a 23.3% adjusted EBITDA margin, our highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team. For the full year 2024, we generated net income attributable to ChampionX of $320 million, income before income taxes margin of 12.2%, a 90 basis point increase over the prior year, and delivered adjusted EBITDA of $785 million, representing a 21.6% adjusted EBITDA margin, an increase of 107 basis points year-over-year.

“We once again demonstrated our strong cash flow profile. Cash flow from operating activities was $207 million during the fourth quarter, which represented 250% of net income attributable to ChampionX, and includes a $48 million tax payment deferred from the fourth quarter of 2024 to the first quarter of 2025. We generated robust free cash flow of $170 million during the fourth quarter, converting 80% of our adjusted EBITDA for the period. Cash flow from operating activities was $590 million for the full year 2024, which represented 184% of net income attributable to ChampionX. For the full year 2024, we generated free cash flow of $460 million and achieved 59% adjusted EBITDA to free cash flow conversion. Our balance sheet and financial position remain strong, ending the year with approximately $1.2 billion of liquidity, including $508 million of cash and $675 million of available capacity on our revolving credit facility.

“As we look ahead to 2025, we expect global oil production to grow, and given our differentiated and resilient production-oriented portfolio, we expect another year of positive performance relative to general oil and gas market activity.”

Agreement to be Acquired by SLB

On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024. The transaction is subject to regulatory approvals and other customary closing conditions.

ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement. Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its fourth quarter and full year 2024 results.

Production Chemical Technologies

Production Chemical Technologies revenue in the fourth quarter of 2024 was $569.7 million, an increase of $10.1 million, or 2%, sequentially, due to seasonally higher volumes in certain international markets and higher volumes in North America.

Segment operating profit was $103.6 million and adjusted segment EBITDA was $133.5 million. Segment operating profit margin was 18.2%, an increase of 259 basis points, sequentially, and adjusted segment EBITDA margin was 23.4%, an increase of 187 basis points, sequentially, in each case due to volumes and product mix.

Production & Automation Technologies

Production & Automation Technologies revenue in the fourth quarter of 2024 was $269.6 million, a decrease of $6.1 million, or 2%, sequentially, due primarily to seasonality in our North American businesses into the year-end holidays.

Revenue from digital products was $62.3 million in the fourth quarter of 2024, an increase of $4.4 million, or 7.5%, compared to $57.9 million in the third quarter of 2024.

Segment operating profit was $39.0 million, and adjusted segment EBITDA was $70.7 million. Segment operating profit margin was 14.5%, an increase of 210 basis points, sequentially, and adjusted segment EBITDA margin was 26.2%, an increase of 100 basis points, sequentially, in each case due to productivity improvements and product mix.

Drilling Technologies

Drilling Technologies revenue in the fourth quarter of 2024 was $51.9 million, an increase of $0.2 million, or flat, sequentially, in-line with flat sequential U.S. rig count activity.

Segment operating profit was $10.7 million, and adjusted segment EBITDA was $12.3 million. Segment operating profit margin was 20.6%, a decrease of 160 basis points, sequentially, and adjusted segment EBITDA margin was 23.7%, a decrease of 112 basis points, sequentially, in each case due to slightly higher operating costs.

Reservoir Chemical Technologies

Reservoir Chemical Technologies revenue in the fourth quarter of 2024 was $21.9 million, an increase of $1.4 million, or 7%, sequentially, due primarily to higher product volumes.

Segment operating profit was $2.3 million, and adjusted segment EBITDA was $3.8 million. Segment operating profit margin was 10.5%, as compared to 8.2% in the prior quarter, and adjusted segment EBITDA margin was 17.1%, an increase of 106 basis points, sequentially, in each case due to higher product volumes.

Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

Chosen by a Canadian operator to be their sole supply partner for production chemical programs to support longer asset life for the customer’s project.
Awarded SAGD accounts with a Canadian oil sands operator after a well-executed ChampionX pursuit, trial and transition. This success is expected to lead to additional growth opportunities with the customer in 2025.
Achieved growth with a national oil company in Central Asia through technology and alignment to the customer’s key business drivers. Organized technical workshops and reviews leading to the implementation of a paraffin treatment program with the customer.
Secured a new contract for the provision of chemical injection skids for Drag Reducing Agents (“DRA”) as part of a new development in Eastern Africa.
Executed a successful field trial for an innovative AAHI (hydrate inhibitor) with a major operator in Egypt. This strategic initiative is expected to assist the customer with significantly boosting production and enhancing operational efficiency.
Successfully qualified corrosion inhibitors for an existing gas field in Qatar. This achievement marks a significant step in supporting asset integrity assurance and commitment to delivering reliable solutions to the industry.
Qualified a new Kinetic Hydrate Inhibitor for a major gas field operated by a major national oil company in the Middle East region. This innovative solution delivers higher value, efficiency, and a lower total cost of operation.
Instituted notable customer-centric innovations, including the Right Products campaign which delivered 12 new chemistry innovations, the ParaClear^(R) program for paraffin remediation, and the full-time Flowback Team with new product lines and digital tools.
Advanced digital capabilities, including MyAnalytics platform for sales representatives, the Sensor Team for equipment monitoring, and a trial of a Centralized Ordering system to streamline orders.
Delivered on our first RenewIQ+^(R) opportunity, pumping a Reservoir Chemical Technologies chemistry in conjunction with our standard RenewIQ^(R) offering.
Gained significant commercial traction among key customers with Reservoir Chemical Technologies’ new acidizing technology. This innovative system has been evaluated by a major Middle East operator and recognized as one of the top-performing solutions in the market. This milestone underscores our commitment to providing sustainable, high-performance solutions that align with the evolving needs of the industry.

Other Business Highlights: Production & Automation Technologies

Expanded the portfolio of recently acquired RMSpumptools into North America, delivering new solutions to a major oil company in the Permian basin using permanent magnet motor technology. Additional interest and growth with customers are building into 2025.
Introduced the SMARTEN™ Lite rod pump controller, which offers an economical automation solution for marginal, low-producing rod pump wells. This new technology was successfully operating on 60 new wells in Q4 2024, helping operators gain 24/7 surveillance and remote control of their rod pump assets with a low-cost edge computing device that requires minimal hardware and setup.
Continuing to see strong market penetration and interest in Artificial Lift Performance’s Pump Checker software offering. Software license counts have increased by more than 30% since the February 2024 acquisition, with a focused growth on gas lift/plunger lift well applications.
Successfully added well density to a performance-based integrated production optimization (“IPO”) project recently secured with a customer in the Permian basin, and extended the reach of this holistic solution with an additional customer in the Permian. The IPO solution combines artificial lift, chemicals and chemical injection systems with digital automation, controls, data management, and optimization services to drive incremental production with effective cost management for operators.
Deployed a large SOOFIE™ continuous emissions monitoring system for an operator in the Middle East. Based on initial results, the customer plans to deploy additional fixed emissions monitoring systems as well as incorporate the ChampionX Aura™ optical gas imaging camera in the field. Our technology was selected based on its proven capabilities and ChampionX collaboration with the field team to assure a steady stream of high-quality data. The SOOFIE continuous monitoring system provides real-time, 24/7 surveillance of methane and other greenhouse gases at oil and gas facilities and landfills.
Completed installations of ChampionX’s AnX™ coiled rod technology with a Middle East operator. Based on the excellent performance of this corrosion-resistant coiled rod, the customer has ordered product to install in additional wells in 2025. AnX recently won the Gulf Energy Excellence award for Best Production Technology and has demonstrated dramatic run life improvement in highly corrosive applications in multiple geographies around the world.
Successfully completed the initial installations of a full rod pumping solution on a very challenging application in Colombia. The solution brings together both the downhole rods and pump with ChampionX’s rod lift production optimization software. The customer reports that results are exceeding expectations, with production increasing by 35% while reducing operating costs through optimizing resources required to operate the wells.
Expanded production optimization software capabilities with customers in Peru and Argentina. Our XSPOC™ software has been implemented across more than 300 wells in Peru and additional licenses are planned in Q1 2025. In Argentina, a customer implemented the software across three fields. By delivering diagnostic insights and actionable recommendations, XSPOC software enables customers to enhance well performance, increase production, and reduce operating costs.

About Non-GAAP Measures

In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.

About ChampionX

ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on January 24, 2024 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Investor Contact: Byron Pope
byron.pope@championx.com
281-602-0094

Media Contact: John Breed
john.breed@championx.com
281-403-5751

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands, except per share amounts)		2024			2024			2023			2024			2023
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285
Cost of goods and services		600,154			608,764			661,337			2,445,281			2,618,646
Gross profit		311,883			297,769			282,218			1,188,702			1,139,639
Selling, general and administrative expense		184,722			180,501			147,415			720,632			633,032
(Gain) loss on sale-leaseback transaction and disposal group		—			57			—			(29,826	)		12,965
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Foreign currency transaction losses (gains), net		1,697			3,505			14,651			2,490			36,334
Other income, net		(5,026	)		(2,176	)		(7,584	)		(3,337	)		(21,078	)
Income before income taxes		118,115			101,745			113,928			442,875			423,824
Provision for income taxes		33,204			28,078			35,771			115,746			105,105
Net income		84,911			73,667			78,157			327,129			318,719
Net income attributable to noncontrolling interest		2,145			1,659			959			6,863			4,481
Net income attributable to ChampionX	$	82,766		$	72,008		$	77,198		$	320,266		$	314,238

Earnings per share attributable to ChampionX:
Basic	$	0.43		$	0.38		$	0.40		$	1.68		$	1.60
Diluted	$	0.43		$	0.37		$	0.39		$	1.65		$	1.57

Weighted-average shares outstanding:
Basic		190,586			190,496			193,191			190,578			196,083
Diluted		193,487			193,362			196,649			193,643			199,906

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	December 31,
(in thousands)		2024			2023
Assets
Current Assets:
Cash and cash equivalents	$	507,681		$	288,557
Receivables, net		466,782			534,534
Inventories, net		496,831			521,549
Prepaid expenses and other current assets		92,603			80,777
Total current assets		1,563,897			1,425,417

Property, plant and equipment, net		755,422			773,552
Goodwill		718,944			669,064
Intangible assets, net		258,614			243,553
Other non-current assets		173,375			130,116
Total assets	$	3,470,252		$	3,241,702

Liabilities
Current portion of long-term debt	$	6,203		$	6,203
Accounts payable		455,531			451,680
Other current liabilities		324,138			324,866
Total current liabilities		785,872			782,749

Long-term debt		591,453			594,283
Other long-term liabilities		261,749			203,639
Stockholders’ equity:
ChampionX stockholders’ equity		1,846,437			1,676,622
Noncontrolling interest		(15,259	)		(15,591	)
Total liabilities and equity	$	3,470,252		$	3,241,702

CHAMPIONX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	Years Ended December 31,
(in thousands)		2024			2023
Cash flows from operating activities:
Net income	$	327,129		$	318,719
Depreciation and amortization		245,825			235,936
(Gain) loss on sale-leaseback transaction and disposal group		(29,826	)		12,965
Loss on Argentina Blue Chip Swap transaction		7,086			—
Deferred income taxes		(22,873	)		(22,272	)
(Gain) on disposal of fixed assets		(443	)		(1,046	)
Receivables		76,569			70,021
Inventories		(8,924	)		18,753
Accounts payable		(399	)		(53,891	)
Other assets		(15,152	)		20,395
Leased assets		(33,767	)		(51,247	)
Other operating items, net		44,456			(8,062	)
Net cash provided by operating activities		589,681			540,271

Cash flows from investing activities:
Capital expenditures		(141,310	)		(142,324	)
Proceeds from sale of fixed assets		12,113			14,545
Proceeds from sale-leaseback transaction		44,292			—
Purchase of investments		(31,526	)		—
Sale of investments		24,358			—
Acquisitions, net of cash acquired		(123,269	)		—
Net cash used for investing activities		(215,342	)		(127,779	)

Cash flows from financing activities:
Proceeds from long-term debt		—			15,500
Repayment of long-term debt		(6,203	)		(45,176	)
Repurchases of common stock		(49,399	)		(277,575	)
Dividends paid		(70,531	)		(64,980	)
Other		(24,324	)		(934	)
Net cash used for financing activities		(150,457	)		(373,165	)

Effect of exchange rate changes on cash and cash equivalents		(4,758	)		(957	)

Net increase in cash and cash equivalents		219,124			38,370
Cash and cash equivalents at beginning of period		288,557			250,187
Cash and cash equivalents at end of period	$	507,681		$	288,557

CHAMPIONX CORPORATION
BUSINESS SEGMENT DATA
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Segment revenue:
Production Chemical Technologies	$	569,662		$	559,539		$	634,137		$	2,288,886		$	2,404,377
Production & Automation Technologies		269,568			275,700			241,294			1,042,369			1,003,146
Drilling Technologies		51,942			51,792			46,821			211,828			215,721
Reservoir Chemical Technologies		21,937			20,531			21,402			94,296			96,154
Corporate and other		(1,072	)		(1,029	)		(99	)		(3,396	)		38,887
Total revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Income (loss) before income taxes:
Segment operating profit (loss):
Production Chemical Technologies	$	103,567		$	87,260		$	102,179		$	364,047		$	350,216
Production & Automation Technologies		39,027			34,136			22,110			123,840			118,409
Drilling Technologies		10,703			11,501			8,679			78,469			45,481
Reservoir Chemical Technologies		2,294			1,675			3,907			12,078			10,541
Total segment operating profit		155,591			134,572			136,875			578,434			524,647
Corporate and other		25,101			18,690			9,139			79,691			46,261
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Income before income taxes	$	118,115		$	101,745		$	113,928		$	442,875		$	423,824

Operating profit margin / income (loss) before income taxes margin:
Production Chemical Technologies		18.2	%		15.6	%		16.1	%		15.9	%		14.6	%
Production & Automation Technologies		14.5	%		12.4	%		9.2	%		11.9	%		11.8	%
Drilling Technologies		20.6	%		22.2	%		18.5	%		37.0	%		21.1	%
Reservoir Chemical Technologies		10.5	%		8.2	%		18.3	%		12.8	%		11.0	%
ChampionX Consolidated		13.0	%		11.2	%		12.1	%		12.2	%		11.3	%

Adjusted EBITDA
Production Chemical Technologies	$	133,475		$	120,622		$	139,107		$	489,549		$	506,991
Production & Automation Technologies		70,739			69,604			52,800			259,531			232,672
Drilling Technologies		12,321			12,867			10,361			54,411			51,986
Reservoir Chemical Technologies		3,751			3,292			5,501			18,343			18,498
Corporate and other		(8,021	)		(8,873	)		(9,624	)		(37,112	)		(38,926	)
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

Adjusted EBITDA margin
Production Chemical Technologies		23.4	%		21.6	%		21.9	%		21.4	%		21.1	%
Production & Automation Technologies		26.2	%		25.2	%		21.9	%		24.9	%		23.2	%
Drilling Technologies		23.7	%		24.8	%		22.1	%		25.7	%		24.1	%
Reservoir Chemical Technologies		17.1	%		16.0	%		25.7	%		19.5	%		19.2	%
ChampionX Consolidated		23.3	%		21.8	%		21.0	%		21.6	%		20.5	%

CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Net income attributable to ChampionX	$	82,766		$	72,008		$	77,198		$	320,266		$	314,238
Pre-tax adjustments:
(Gain) loss on sale-leaseback transaction and disposal group⁽¹⁾		—			57			—			(29,826	)		12,965
Russia sanctions compliance and impacts⁽²⁾		73			109			160			366			1,209
Restructuring and other related charges		2,704			5,317			2,407			17,657			13,387
Merger transaction costs⁽³⁾		14,434			8,312			—			37,805			245
Acquisition costs and related adjustments⁽⁴⁾		75			753			(6,817	)		2,634			(12,670	)
Intellectual property defense		158			69			638			1,537			1,545
Merger-related indemnification responsibility⁽⁵⁾		100			—			—			100			722
Tulsa, Oklahoma storm damage		—			—			660			305			3,162
Foreign currency transaction losses, net		1,697			3,505			14,651			2,490			36,334
Loss on Argentina Blue Chip Swap transaction		—			—			—			7,086			—
Tax impact of adjustments		(5,565	)		(4,259	)		(2,600	)		(10,480	)		(12,650	)
Adjusted net income attributable to ChampionX		96,442			85,871			86,297			349,940			358,487
Tax impact of adjustments		5,565			4,259			2,600			10,480			12,650
Net income attributable to noncontrolling interest		2,145			1,659			959			6,863			4,481
Depreciation and amortization		62,534			63,508			58,710			245,825			235,936
Provision for income taxes		33,204			28,078			35,771			115,746			105,105
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

_______________________

(1)	Amounts represents the and the gain on the sale and leaseback of certain buildings and land during 2024. For the year ended December 31, 2023, the loss recorded to properly adjust the carrying value of our Chemical Technologies operations in Russia to the lower of carrying value or fair value less costs to sell .
(2)	Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.
(3)	Includes costs incurred during 2024 in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees.
(4)	Includes costs incurred for the acquisition of businesses and revenue associated with the amortization of a liability established as part of the merger transaction with Ecolab Inc. (“Ecolab”) to acquire the Chemical Technologies business, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. During the fourth quarter of 2023, we recorded a fair value adjustment to contingent consideration on a prior acquisition as well as the settlement of an item pursuant to the tax matters agreement with Ecolab.
(5)	Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Diluted earnings per share attributable to ChampionX	$	0.43		$	0.37		$	0.39		$	1.65		$	1.57
Per share adjustments:
(Gain) loss on sale-leaseback transaction and disposal group		—			—			—			(0.15	)		0.06
Russia sanctions compliance and impacts		—			—			—						—
Restructuring and other related charges		0.01			0.03			0.01			0.09			0.07
Merger transaction costs		0.07			0.04			—			0.20			—
Acquisition costs and related adjustments		—			—			(0.03	)		0.01			(0.06	)
Intellectual property defense		—			—			—			0.01			0.01
Merger-related indemnification responsibility		—			—			—			—			—
Tulsa, Oklahoma storm damage		—			—			0.01			—			0.02
Foreign currency transaction losses		0.01			0.02			0.07			0.01			0.18
Loss on Argentina Blue Chip Swap transaction		—			—			—			0.04			—
Tax impact of adjustments		(0.02	)		(0.02	)		(0.01	)		(0.05	)		(0.06	)
Adjusted diluted earnings per share attributable to ChampionX	$	0.50		$	0.44		$	0.44		$	1.81		$	1.79

CHAMPIONX CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Production Chemical Technologies
Segment operating profit	$	103,567		$	87,260		$	102,179		$	364,047		$	350,216
Non-GAAP adjustments		2,251			7,073			11,194			19,108			51,717
Depreciation and amortization		27,657			26,289			25,734			106,394			105,058
Segment adjusted EBITDA	$	133,475		$	120,622		$	139,107		$	489,549		$	506,991

Production & Automation Technologies
Segment operating profit	$	39,027		$	34,136		$	22,110		$	123,840		$	118,409
Non-GAAP adjustments		75			1,656			1,231			9,807			5,246
Depreciation and amortization		31,637			33,812			29,459			125,884			109,017
Segment adjusted EBITDA	$	70,739		$	69,604		$	52,800		$	259,531		$	232,672

Drilling Technologies
Segment operating profit	$	10,703		$	11,501		$	8,679		$	78,469		$	45,481
Non-GAAP adjustments		306			54			109			(29,523	)		313
Depreciation and amortization		1,312			1,312			1,573			5,465			6,192
Segment adjusted EBITDA	$	12,321		$	12,867		$	10,361		$	54,411		$	51,986

Reservoir Chemical Technologies
Segment operating profit	$	2,294		$	1,675		$	3,907		$	12,078		$	10,541
Non-GAAP adjustments		39			3			4			69			1,486
Depreciation and amortization		1,418			1,614			1,590			6,196			6,471
Segment adjusted EBITDA	$	3,751		$	3,292		$	5,501		$	18,343		$	18,498

Corporate and other
Segment operating profit	$	(37,476	)	$	(32,827	)	$	(22,947	)	$	(135,559	)	$	(100,823	)
Non-GAAP adjustments		16,570			9,336			(839	)		40,693			(1,863	)
Depreciation and amortization		510			481			354			1,886			9,198
Interest expense, net		12,375			14,137			13,808			55,868			54,562
Segment adjusted EBITDA	$	(8,021	)	$	(8,873	)	$	(9,624	)	$	(37,112	)	$	(38,926	)

Free Cash Flow

	Three Months Ended									Years Ended
	Dec 31,			Sep 30,			Dec 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Free Cash Flow
Cash provided by operating activities	$	207,250		$	141,298		$	168,953		$	589,681		$	540,271
Less: Capital expenditures, net of proceeds from sale of fixed assets		(37,117	)		(33,248	)		(29,142	)		(129,197	)		(127,779	)
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492

Cash From Operating Activities to Revenue Ratio
Cash provided by operating activities	$	207,250		$	141,298		$	168,953		$	589,681		$	540,271
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Cash from operating activities to revenue ratio		23	%		16	%		18	%		16	%		14	%

Free Cash Flow to Revenue Ratio
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492
Revenue	$	912,037		$	906,533		$	943,555		$	3,633,983		$	3,758,285

Free cash flow to revenue ratio		19	%		12	%		15	%		13	%		11	%

Free Cash Flow to Adjusted EBITDA Ratio
Free cash flow	$	170,133		$	108,050		$	139,811		$	460,484		$	412,492
Adjusted EBITDA	$	212,265		$	197,512		$	198,145		$	784,722		$	771,221

Free cash flow to adjusted EBITDA ratio		80	%		55	%		71	%		59	%		53	%

MIL-OSI USA: Governor Hochul Meets With Canadian Consul General

Source: US State of New York

Earlier today, Governor Kathy Hochul met with Canadian Consul General Tom Clark to discuss affordability and key issues related to the New York-Canada relationship.

VIDEO of the Governor meeting with Canadian Consul General Tom Clark can be found on YouTube and in TV quality (h.264, mp4) format.

AUDIO: The Governor’s remarks are available in audio form here.

PHOTOS: The Governor’s Flickr page will post photos of the event here.

A rush transcript of the Governor’s remarks is available below:

Governor Hochul: These relationships are very important to us, and I welcome you once again for your annual visit. And you come here to talk about our shared interests, including making sure, as I’m focused on, affordability for New Yorkers.

And relationships with Canada will affect that, depending on what happens out of Washington, so it’s critically important here to have that dialogue. We also know that the price of gas, the price of lumber, the price of every product that affects New Yorkers is going to be something that we can have to stay focused on and work through with you as well.

[other speakers]

Governor Hochul: The history is incredible. At one time this was the governor’s office, I’m a little envious that it got turned into the press room.

But again, you mentioned something that’s so important. That is the trade relationship is critical. And the amount of trade, I don’t think people can appreciate how that impacts the cost of living in a place like New York. And certainly in Canada, but I have to be laser focused on what’s happening to New Yorkers.

And there has been a sense of anxiety now, for a time period, about the cost of everything going up. The cost collectively for a family of four going up to anywhere from $1,300 to $3,000.

I’m working hard to put money back in people’s pockets with my budget, and the last thing I want is to have the money taken out of their pocket with higher costs.

MIL OSI USA News –

February 5, 2025
MIL-OSI Canada: Minister’s statement on Access to Justice Week

Source: Government of Canada regional news

Niki Sharma, Attorney General, has released the following statement on Access to Justice Week, from Feb. 3-7, 2025:

“Access to Justice Week is an opportunity to reflect on how B.C.’s justice system can best work for British Columbians. This year’s theme is: What does the future of access to justice look like?

“Throughout the province, we are taking action to modernize our justice system through enhancements to technology that will increase access to justice and convenience for British Columbians. It means breaking down barriers by introducing technology that brings legal services to remote and under-served communities and simplifying processes to reduce complexity for people involved with the justice system. Online platforms, virtual hearings and other innovative tools are making the justice system more accessible, saving time and money.

“People are at the centre of the changes we are making. For instance, the Province launched new services to help people whose intimate images have been shared without their consent. The Intimate Images Protection Service offers emotional support and helps with applications to the Civil Resolution Tribunal for “take-down” orders. Additionally, these services provide self-help tools, legal information and connections to resources.

“We have significantly expanded the eligibility criteria for family legal-aid services and have opened two new family law clinics in Victoria and Surrey for people experiencing family violence. Families will also benefit from early access to information and referrals in Provincial Court. We are supporting the early resolution process by adding eight more court registries by November 2025.

“The Ministry of Attorney General and the BC First Nations Justice Council will soon open six new Indigenous Justice Centres. Nine centres opened last year, for a total of 15, and a virtual centre is also available provincewide. These centres address systemic barriers faced by Indigenous people by offering culturally appropriate supports, legal advice and representation to Indigenous people.

“Everyone deserves to feel safe in their communities, and confident that justice is being served. We will ensure strong and safe communities for everyone throughout the province by aggressively pushing the federal government for continuing legal reform and co-operation with the Province that will ensure violent and prolific offenders remain in custody after arrest.

“The Province is committed to transforming the justice system by enhancing access to services for British Columbians. We have more work to do, and we are committed to doing it, because the work we do today will shape a better tomorrow. I am proud of the strides we’ve made, and I am committed to the modernization of our legal system to increase access to justice in B.C.”

MIL OSI Canada News –

February 5, 2025

MIL-OSI New Zealand: Op-Ed – Everyone has a plan until they get punched in the face – OPED Conor English

Opinion – by Conor English

5 February 2025 – Everyone has a plan until they get punched in the face – Boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face”. He was simply pointing out in his own unique direct way, that sometimes things don’t go the way you think. There can be unintended consequences. Your opponent can counter punch, so a “plan b” can be useful!

The new USA government has a plan to use tariffs as a way of incentivising other countries to do things that are helpful to the USA. Things like curtail immigrants or drugs travelling over the border, or to shift their manufacturing jobs to America. The President has described the word “tariffs” as “the most beautiful word in the dictionary” so its clear he likes the idea of using tariffs. It does have some logic. Maybe this plan will work?

So, using emergency powers that enable quick action, rather than long winded trade negotiation processes, this plan is being implemented this week. First up, 10% tariff on goods from China, and energy products from Canada. Tariffs will be set at 25% for most other goods from Canada and Mexico. If these countries change their drug, migration and manufacturing policies, the USA will look to review the tariff levels. That’s the new deal.

New Zealand had its own tariffs for many years as was fashionable. But now we seek fair trade, with no tariffs or quotas, or other non-tariff trade barriers in our trading relationships. It matters to us as a small trading country at the bottom of the world. Multilateral co-operation and enforcement frameworks such as the World Trade Organisation are vital.

America, like many countries, has a long history of using tariffs. An excellent example of how things can end up like a punch in the face, as Mike Tyson would put it, is the passing of what was known as the “Smoot Hawley” Tariff Act on June 17, 1930. This raised tariffs on over 20,000 imported goods, despite a petition signed by 1,028 economists asking President Hoover to veto the legislation. He didn’t. The theory was it would save jobs in America and protect local producers from international competition following the “Black Thursday” share market crash on October 24, 1929.

But it didn’t make things better, it made things worse.

Americas trading partners punched back. They didn’t do nothing. They retaliated, just as Canada and Mexico now have. The world economy and geopolitics has evolved significantly since the great depression and what happened then may not happen now. However, history can perhaps provide some small insight as to how this might play out.

Wikipedia tells us that after the Smoot- Hawley passed – yes – USA imports did decrease by 66% from $4.4 billion in 1929, to $1.5 billion in 1933. So that must be good for domestic jobs and industries? Well no, because other countries punched back with their own tariffs, as well as sourcing their own imports from other countries rather than America.

As a result, USA exports also decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931, bottoming out at $55.6 billion in 1933, a drop of around 50% over four years.

So rather than create jobs, jobs were lost, and plenty of them. Unemployment was at 8% in 1930 when the Smoot–Hawley Tariff Act was passed, but the new law failed to lower it. The unemployment rate jumped to 16% in 1931, and 25% in 1932–33. The factories that produced those export goods couldn’t sell their products, so staff lost their jobs.

Unemployment didn’t fall below early 1930s levels until the massive economic stimulus of World War 2.

As with any economy, there is always more than just one thing happening, but at that time, that is what happened in the USA. So how does this current fast changing situation effect New Zealand?

Unlike 100 years ago, we get impacted very quickly by the transmission of changes in our exchange rate, interest rates, commodity prices, share markets and trade flows. This then flows through our economy.

For example, if inflation goes up in America because of the new tariffs, international interest rates may go up, thus reducing the speed of any reductions on our mortgage rates. Dairy commodity prices might rise, but so too might international oil prices, pushing up our fuel prices and inflation. Our dollar may fall, making it cheaper for tourists to visit, but the cost of servicing our increasing national debt more expensive. Chinese built EVs may be more available and cheaper here as cars are diverted from the USA market.

There will be all sorts of positive and negative impacts, unintended consequences and unforeseen outcomes. It could be overall positive or overall negative for both America and New Zealand, but we just don’t know. We do know though that it creates more uncertainty, and that’s not helpful to anyone.

So will it be a punch in the face, as Mike Tyson suggests, or a pat on the back? Either way, we need to be fleet of foot and have a “Plan B”.

Conor English is a Director of Silvereye – a Wellington based Government relations firm, a former exporter, CEO of Federated Farmers, and Independent Advisor to the Reserve Bank of New Zealand.

MIL OSI New Zealand News –