NewzIntel.com

Category: Commerce

  • MIL-OSI Europe: Salla Saastamoinen Appointed as New Deputy Director-General of OLAF

    Source: European Anti-Fraud Offfice

    The European Anti-Fraud Office (OLAF) is pleased to announce the appointment of Ms Salla Saastamoinen as new Deputy Director-General, effective 16 February 2025. Ms Saastamoinen will contribute to strengthening OLAF’s anti-fraud role thanks to her extensive experience in the areas of justice, rule of law, and fundamental rights.

    Commenting on her new assignment, Salla Saastamoinen said: “I am honored to join OLAF and contribute to its essential mission. Fraud and corruption not only cause financial losses but also weaken public trust in the EU institutions. A strong and effective anti-fraud architecture is crucial to protect EU funds and ensure accountability. I look forward to working closely with OLAF’s investigators and policymakers to further strengthen existing fraud prevention measures, enhance legal frameworks and reinforce the EU’s ability to counter fraud against the EU budget.”

    Ms Saastamoinen, a Finnish national, transitions from her role as Deputy Director-General at the Joint Research Centre (JRC) where she was in charge of five scientific directorates. The JRC is the Commission’s science and knowledge service.

    With over 25 years of service within the European Commission, Ms Saastamoinen offers broad expertise in the areas of legislation and international negotiations. Her background includes serving as acting Director-General in the Directorate-General for Justice and Consumers (DG JUST).  In addition, she was Director for Civil and Commercial Justice in charge of the development of the European area of civil justice. Prior to that, she was Director for Equality. Previously, she also served as Head of several units in the same DG JUST.

    Before joining the Commission, Ms Saastamoinen was a Partner in a business law firm, a Researcher in law and Author of several books on environmental law and EU law. 

    Ms Saastamoinen speaks Finnish, English, French, German and Swedish. 

    MIL OSI Europe News –

  • MIL-OSI United Nations: UNECE launches the 2025 UN Global Survey on digital and sustainable trade facilitation jointly with UN Regional Commissions and UNCTAD

    Source: United Nations Economic Commission for Europe

    UNECE has launched the Sixth UN Global Survey on Digital and Sustainable Trade Facilitation 2025, jointly with the other four United Nations Regional Commissions and United Nations Trade and Development (UNCTAD).

    The 2025 UN Global Survey consists of 62 measures, including new measures on ‘Trade Facilitation for E-Commerce’ and ‘Green Trade Facilitation’. Aside from measures supporting the implementation of the World Trade Organization Trade Facilitation Agreement (WTO TFA), the survey also covers the implementation of cutting-edge paperless and cross-border trade facilitation measures, as well as measures supporting more inclusive and sustainable trade, thus moving forward towards a “WTO TFA+” implementation.  

    The preliminary results of the 2025 Survey are expected to be published in July at untfsurvey.org, followed by the production of a Global and Regional Reports. The Survey aims to provide insightful information to support countries and policy makers to harness trade as a key means of implementation of the 2030 Agenda for Sustainable Development.  

    Furthermore, by presenting an overview of the progress on digital and sustainable trade facilitation, the Survey also supports countries in:  

    • Better inform the accession process for UNECE member States to the WTO. For instance, the UNECE Regional Report 2024 included a spotlight section which highlighted the progress of the trade facilitation implementation in Azerbaijan, Turkmenistan and Uzbekistan in the context of their accession process to the WTO. 

    The UNECE Regional Report 2024, based on the results of the 2023 UN Global Survey, revealed that the performance on trade facilitation of the 48 UNECE member States, who participated in the survey, has improved by 5% compared to the 2021 Survey results, with the implementation rate of trade facilitation measures rising from 76% in 2021 to almost 81% in 2023.  

    Among all UN Regional Commissions, UNECE had an overall higher implementation rate compared to the average results globally, with measures on “Transparency” at the highest implementation rate of 96%, followed by “Formalities” at 87%. On the implementation rates for digital trade facilitation measures in the UNECE region, the average rate for “Paperless trade” reached 82%, with the rate for “Cross-border paperless trade” being relatively lower, at 56%. 

    The report findings also offer clear directions for the future, highlighting the importance of actively engaging UNECE member States and partner international organizations in fast-tracking the implementation of trade facilitation measures. In light of the current challenges facing international trade, increased cooperation between governments and international organizations is critical.  

    Governments, specialized agencies, intergovernmental organizations can contribute to developing UN/CEFACT additional standards and accelerating the implementation of trade facilitation measures, particularly those leveraging digital technologies that contribute to climate-smart trade while reducing trade costs and streaming trade-related procedures.  

    UNECE calls upon all relevant actors and donors to further contribute to the substantive work of the UN/CEFACT in the development and update of its policy instruments and tools, including recommendations, standards and guideline materials, as well as continue to provide additional support and funding resources related to the capacity building and technical assistance activities in its 17 programme countries for the implementation of those UN/CEFACT recommendations and enhancement of the progress on trade facilitation in the region. 

    The Survey is an initiative under the Joint UNRECs Approach to Trade Facilitation, agreed by the Executive Secretaries of the five UN Regional Commissions. The approach was designed to enable the Regional Commissions to present a joint view on key trade facilitation issues, particularly from the regional and interregional level, and to enhance the effectiveness of technical assistance and capacity building initiatives. 

    As the international focal point for trade facilitation recommendations and standards, UNECE develops instruments to reduce, harmonize and digitalize procedures in international trade. The Survey also provides an opportunity to monitor the uptake and impact of such solutions for economic cooperation and integration, both in the region and globally. 

    If you are an expert in trade facilitation for your country and would like to participate in the Survey, click here for the questionnaire and more details about the methodology of the Survey. For more information, please directly contact Ms. Jie Wei.  

    MIL OSI United Nations News –

  • MIL-OSI Economics: Tesla job postings suggest renewed focus on India, reveals GlobalData

    Source: GlobalData

    Tesla is ramping up its hiring efforts in India, marking a pivotal move in its strategy to strengthen its presence in the country. The recent job postings across various roles highlights the American electric vehicle (EV) and clean energy company’s renewed focus on establishing a foothold in India’s rapidly growing EV market, underscoring its long-awaited expansion plans, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Job Analytics Database reveals that the company has posted around 15 jobs in February 2025 across Mumbai and Pune, reflecting its commitment to building a strong sales, service, and support network in India.

    Tesla’s hiring strategy in India is aimed at driving growth and increasing brand presence in the market. The company is focusing on building a strong service infrastructure, improving customer engagement, and expanding its market share through targeted marketing strategies.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “These job postings indicate a focus on areas such as charging, engineering & information technology, vehicle service, sales & customer support, operations & business support, among others. This also indicates plans for possibly more hires and setting up new EV market team in India.”

    Tesla is focusing on strengthening its sales support infrastructure with the introduction of Consumer Engagement Manager positions. These roles are pivotal in analyzing local market trends, generating leads, and supporting the sales process through content creation, event management, and targeted marketing strategies.

    Additionally, Tesla is prioritizing exceptional customer service by recruiting Service Advisors and Parts Advisors. These positions are designed to address customer concerns, oversee vehicle servicing, manage parts inventory, ensure effective communication, and ultimately deliver a seamless customer experience

    A deep dive into GlobalData’s News Database also reveals several media reports indicating that the company is already scouting for showroom sites in some Indian cities.

    Sriprada concludes: “The recent job postings, along with media reports on potential showroom locations, not only suggest the company’s renewed focus on the Indian market but also its serious strategic intent to establish a strong operational presence in the country.”

    MIL OSI Economics –

  • MIL-OSI Economics: Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Source: GlobalData

    Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Posted in Banking

    The card payment market in Hong Kong is poised to register 11.0% growth in 2025, reaching HKD1.5 trillion ($186.5 billion), driven by rising consumer spending and growing consumer preference for electronic payments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Hong Kong registered a growth of 15.7% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 12.2% in 2024 to reach HKD1.3 trillion ($168.1 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Cash payments are on the decline in Hong Kong as electronic methods increasingly gain popularity, supported by a high adult population, rising consumer awareness of electronic payments and a well-established payment infrastructure. This shift in consumer behavior signals a move away from conventional payment approaches to embrace digital alternatives.”

    Among the card types, credit and charge cards accounted for 77.7% share of the overall card payment value in 2024. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

    Debit cards, on the other hand, account for the remaining 22.3% share. Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well, especially low-to-medium value transactions. Consumers are embracing debit cards, with the domestic scheme Electronic Payment Service (EPS) driving growth. EPS cards are accepted at over 30,000 merchant locations in Hong Kong and Macau.

    Gupta adds: “Widespread adoption and usage of contactless cards are contributing to overall card payments usage. Consumers and merchants in Hong Kong are increasingly becoming aware of the benefits of contactless cards, leading to their increased usage. According to GlobalData’s 2024 Financial Services Consumer Survey*, over 56% of the respondents in Hong Kong indicated having access to a contactless card and used it for payments.”

    The rising usage of contactless payments for public transport payments is also contributing to card payments growth. For instance, in August 2024, Mastercard announced its integration into the mass transit railway system MTR Corporation’s contactless credit and debit card payment services. This allows Mastercard cardholders to use their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express.

    Gupta concludes: “The upward trajectory of Hong Kong’s card payments market is expected to persist in the coming years, driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a CAGR of 7.3% between 2025 and 2029 to reach HKD1.9 trillion ($247.5 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics –

  • MIL-OSI Russia: In 2024, the volume of retail trade in the capital grew by almost five percent

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, the volume of retail trade in the capital reached 7.5 trillion rubles, which is 4.9 percent more than in 2023 in comparable prices. This was reported by Maria Bagreeva, Deputy Mayor of Moscow, Head of the Department of Economic Policy and City Development.

    “The non-food sector made the main contribution to growth. Its turnover increased by 8.1 percent, to 3.8 trillion rubles. The largest growth was demonstrated by cosmetics and perfumery, clothing, furniture, digital video and audio equipment stores. Consumer activity in Moscow remains high. Under the influence of demand, chain stores and marketplaces are expanding sales channels and delivery services, increasing the range due to their own brands, domestically produced goods and products from friendly countries,” noted Maria Bagreeva.

    The turnover of food products in the city increased by 1.6 percent, reaching 3.7 trillion rubles. Positive changes in this sector are associated, in particular, with the development of delivery services and the opening of cafeterias in stores.

    In 2024, Moscow’s share in the total volume of retail trade in Russia amounted to 13.5 percent.

    The growth in consumer activity has affected the attendance of the capital’s shopping centers. Last year, their traffic increased by 2.1 percent compared to 2023 and averaged 271 people per day per thousand square meters. The main increase was provided by district shopping centers with an area of up to 20 thousand square meters, which are popular with consumers due to their proximity to home. In larger facilities, attendance remained at the level of the previous year.

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

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

    https: //vv.mos.ru/nevs/ite/150493073/

    MIL OSI Russia News –

  • MIL-OSI Economics: Samsung Launches High-Performance SSD 9100 PRO with PCIe 5.0 Interface – Delivering Breakthrough Performance for AI, Gaming, and Content Creation

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today launched the Samsung 9100 PRO SSD, the latest addition to its consumer SSD lineup. Equipped with the PCIe 5.0 interface, the 9100 PRO delivers industry-leading speeds, improved power efficiency, and expanded storage capacity, rendering it the perfect option for gaming, content creation in AI, and multitasking across a wide range of devices, including laptops, desktops, and gaming consoles.
     
    With its advanced architecture, the 9100 PRO offers a significant boost in sequential read and write speeds, reaching up to 14,800 MB/s and 13,400 MB/s. This is a 99% performance improvement over its predecessor, the 990 PRO.
     
    Additionally, its enhanced random read and write speeds, reaching up to 2,200K IOPS and 2,600K IOPS, ensure seamless multitasking and accelerated data processing.  This makes the 9100 PRO an exceptional choice for professional creators managing AI-driven workloads and gaming enthusiasts seeking a truly immersive experience.
     
    “With the launch of the Samsung 9100 PRO SSD, we’re proud to offer a ground-breaking storage solution that sets new standards in speed, power efficiency, and capacity. Designed for the next generation of gaming, content creation, and multitasking, the 9100 PRO’s PCIe 5.0 interface and innovative architecture deliver unmatched performance, enabling professionals and enthusiasts alike to push the limits of their devices. Whether it’s accelerating AI-driven workloads or enhancing the gaming experience, the 9100 PRO is built to keep up with the demands of tomorrow’s technology,” said Puneet Sethi, Vice President, Head of Enterprise & Display Business, Samsung India.
     
    The 9100 PRO is designed with an advanced heat management solution that improves power efficiency by 49% compared to previous models. Its optimized thermal control, achieved through an integrated 8.8mmT heatsink for 1TB to 4TB models and an 11.25mmT heatsink for the 8TB variant, ensures consistent high-speed performance without overheating. The introduction of the 8TB model, a first for Samsung’s consumer NVMe SSD lineup, further enhances the product’s appeal by providing ample storage for high-performance gaming, next-generation content creation, and professional workloads.
     
    Ensuring broad compatibility, the 9100 PRO supports installation across a wide range of devices, including laptops, desktops, and gaming consoles, enabling users to upgrade their systems effortlessly. The SSD is also equipped with Samsung’s proprietary Magician software that offers a suite of optimization tools, streamlined data migration, and advanced security features to enhance functionality and ensure data protection in the long run.
     
    Samsung will roll out the 9100 PRO models worldwide in four capacities — 1TB, 2TB, 4TB, and 8TB. Starting March 18, 2025, the 1TB, 2TB, and 4TB models, along with the 8TB model is expected to be released in the second half of 2025. The manufacturer’s suggested retail prices (MSRPs) for the 1TB, 2TB, and 4TB variants are set at INR 14999, INR 25499, and INR 49999, respectively.
     
    For further details on availability, warranty, and technical specifications, please visit samsung.com/SSD or semiconductor.samsung.com/internal-ssd.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 31st AEM Retreat

    Source: ASEAN

    At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
    The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: Dassault Systèmes Announces Centric Software’s Acquisition of AI-Powered PXM Solution, Contentserv

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — February 25, 2025

    Dassault Systèmes Announces Centric Software’s Acquisition of AI-Powered PXM Solution, Contentserv

    • Contentserv provides the all-in-one cloud-based platform for PIM, DAM, Content Syndication and Digital Shelf Analytics (DSA)
    • Platform enables FMCG companies to craft and optimize product content to reduce time to market, increase product sell-through and curate personalized consumer experiences

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced that its subsidiary Centric Software, the Product Lifecycle Management (PLM) market leader, has signed an agreement to acquire Contentserv, a leading provider of product information management (PIM) and product experience management (PXM) solutions for an enterprise value
    of €220 million. Centric Software provides the most innovative enterprise solutions to plan, design, develop, source, price and sell products such as apparel, fashion, home, footwear, sporting goods, consumer electronics, cosmetics, food & beverage and luxury to achieve strategic and operational digital transformation goals.

    Founded in Germany in 2000, Contentserv enables fast-moving consumer goods and other companies to create and manage product content intuitively and effectively by means of AI to optimize consumer experiences across all digital sales channels. With Contentserv solutions, retailers, brands and manufacturers are able to execute strategies such as more or simply better product offers, regions and sales channels for increased product sell-through.

    With over 1600 customers in 90 countries, Contentserv users have reported ROI such as a 30% reduction in time to market, 70% faster catalog creation, 75% more accurate product information and increased sales channel coverage in more languages.

    Fashion and consumer goods brands and retailers continue to pivot around changing consumer trends and constantly evolving stock keeping units (SKUs) while also diversifying sales channels including own-stores, own e-commerce sites, marketplaces and social media. Harnessing and leveraging product information from inception through to commercialization are critical steps that not only reduce time to market, improve market success and also ensure accuracy for compliance labeling. Consumer loyalty is also increased via contextualized and personalized brand experiences.

    “At Contentserv, we don’t just manage product data – we transform it into seamless, high-converting product experiences that drive revenue,” explained Michael Kugler, CEO of Contentserv. “This data flows in from multiple sources and formats and consumers expect accurate, rich and engaging product experiences, anytime, anywhere and across every conceivable channel and touchpoint.   “Manufacturers and retailers strive to continuously refine and optimize product presentation based on insights from consumers, competitors and marketplaces. Contentserv meets these challenges with our AI-powered Product Experience Cloud (PXC), transforming product data into real revenue.”

    “We are thrilled to welcome Contentserv to the Centric Software family. Both companies share a customer-focused, innovation culture,” said Chris Groves, CEO of Centric Software. “By integrating Contentserv into the Centric family of solutions – from PLM to planning to competitive market intelligence, pricing & inventory optimization and visual boards – brands, retailers and manufacturers can seamlessly turn product content into enriched, market-ready experiences that drive engagement and conversion. In today’s competitive market, time-to-market and product experience go hand-in-hand. Together with Contentserv, our joint innovations will ensure that the moment a product is developed, it’s enriched, optimized and ready to convert.”

    The transaction is due to close in the coming weeks subject to regulatory approval and other customary conditions for a transaction of this nature.

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Attachment

    The MIL Network –

  • MIL-Evening Report: Some of Australia’s largest companies are failing to ‘know and show’ their respect for human rights

    Source: The Conversation (Au and NZ) – By David Birchall, Senior Lecturer in Law, Macquarie University

    The skyline of Sydney’s central business district. Olga Kashubin/Shutterstock

    In our complex, interconnected world, there are risks of human rights violations throughout global supply chains. Examples include not only modern slavery and child labour, but also gender discrimination and violations of land, food and water rights.

    Many people care deeply about whether the companies they support are monitoring and addressing these issues. So, how do some of the biggest Australian companies measure up?

    To answer this question, we analysed the human rights commitments of 25 of the top companies listed on the Australian Securities Exchange (ASX), including some of our largest banks and mining companies.

    We found Australian companies have a long way to go in “knowing and showing” a commitment to respect human rights, suggesting an urgent need for reform.

    One response could be for Australia to follow the European Union’s lead and create a mandatory human rights due diligence regime.



    Read more:
    Many global corporations will soon have to police up and down their supply chains as EU human rights ‘due diligence’ law nears enactment

    International best practice

    Our analysis used the World Benchmarking Alliance’s Corporate Human Rights Benchmark Core UNGP Indicators.

    This benchmark uses 12 indicators that draw on the United Nations Guiding Principles on Business and Human Rights (UNGP), the authoritative international standard.

    There are human rights risks across many stages of global supply chains.
    JULY_P30/Shutterstock

    The indicators are grouped into three themes:

    1. policy commitments to respect human rights
    2. embedding respect through ongoing human rights due diligence
    3. enabling accessible remedies and grievance mechanisms for workers and external stakeholders.

    Companies score between zero and two points on each indicator, depending on how they satisfy its requirements. The maximum possible score is 24.

    It’s important to understand that the aim of our study was not to assess whether these companies have been violating human rights. Rather, it was to evaluate whether companies have disclosed their policies and processes to respect human rights.

    The UN Guiding Principles expect companies to have suitable due diligence processes in place and make these publicly available in an accessible form.

    Ideally, companies should clearly state that they respect all human rights. This includes rights such as nondiscrimination, the prohibition on forced or child labour, freedom to join trade unions, and the right to a clean environment.

    They should outline in detail the mechanisms in place to identify and address actual or potential abuses. On top of this, detail which officials in the company hold responsibility for managing these issues.

    The better companies would even disclose examples of human rights abuses that they discovered in their operations, such as modern slavery or a gender pay gap.

    Poor performance overall

    Our research covered the 25 largest Australian companies by market capitalisation that had not previously been assessed under this benchmark.

    This included some of the leading Australian companies from a range of sectors – mining, banks, energy, insurance, transportation, telecommunication, media, health care and pharmaceuticals.

    Scores were poor overall. The best-performing company scored eight out of a possible 24 points. The average score was 3.6.

    Many companies were found to be making vague or ambiguous human rights commitments or only focusing on a narrow set of modern slavery risks.

    No company disclosed all of the human rights due diligence processes needed to identify, prevent, mitigate and remediate human rights risks. Nor did any disclose how they consulted with relevant stakeholders such as workers or displaced communities to help them understand and identify relevant human rights risks in company operations.

    Only ten of the 25 companies provided a mechanism for external individuals and communities to raise human rights complaints or concerns.

    Companies scored particularly poorly on the second group of indicators: embedding respect through ongoing human rights due diligence. The average score here was 0.58 out of 12.

    Many companies only focused on identifying and addressing modern slavery in their operations, to the exclusion of other human rights risks such as sexual harassment or environmental pollution.

    It was also concerning that companies we assessed often passed the burden of compliance to suppliers. That is, they established higher expectations for suppliers’ conduct than they set for their own.

    Legal requirements made a difference

    Our research found that companies scored well in making human rights commitments where there was a legal obligation to do so.

    Every company, for example, scored the point available for hosting a grievance mechanism for workers to raise concerns about the company. This is because Australia’s Corporations Act requires companies to create a whistleblower mechanism.

    Similarly, most companies disclosed elements of their modern slavery due diligence process, because this is legally required under the Modern Slavery Act.

    Proactive steps

    It is clear from our research that many large Australian companies are not operating in line with international standards.

    That means they also aren’t ready to comply with the ripple effects of the mandatory human rights due diligence laws recently introduced in Europe.

    These laws will require large Australian companies that do significant business in Europe to conduct comprehensive human rights due diligence.

    The European Union has recently introduced mandatory human rights due diligence laws.
    VanderWolf Images/Shutterstock

    Australian companies must take proactive steps to comply with international standards. This means making a public commitment to respect all human rights, establishing and publicly disclosing their human rights due diligence process.

    It will also mean involving everyone who is affected by or has an interest in the company’s activities throughout the due diligence process. This includes making sure they have a way to raise concerns and seek remedies.

    The Australian government has a vital role in ensuring that companies take their human rights responsibilities seriously. The current reporting regime under the Modern Slavery Act has proven very weak, confirmed under a recent formal review.

    Our findings suggest the government should enact a stronger and broader mandatory human rights due diligence law covering all human rights.

    David Birchall is Deputy Director of the B&HR Access to Justice Lab at Macquarie Law School.

    Ebony Birchall is the Deputy Director of the B&HR Access to Justice Lab at Macquarie University. She has previously received research funding from the Australian Government, Macquarie University and the Freedom Fund.

    Surya Deva is Director of the B&HR Access to Justice Lab at Macquarie University. He is currently UN Special Rapporteur on the Right to Development. He has previously received funding from the GIZ, the UNDP, the Freedom Fund and the International Commission of Jurists. He is part of the World Benchmarking Alliance’s Expert Review Committee. The Lab received funding from Maurice Blackburn Lawyers and the World Benchmarking Alliance to cover the costs of hosting an event to launch this report.

    – ref. Some of Australia’s largest companies are failing to ‘know and show’ their respect for human rights – https://theconversation.com/some-of-australias-largest-companies-are-failing-to-know-and-show-their-respect-for-human-rights-250055

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Calling 000 for help in an emergency doesn’t work in parts of Australia – but a new plan could change that

    Source: The Conversation (Au and NZ) – By Mark A Gregory, Associate Professor, School of Engineering, RMIT University

    robert paul van beets/Shutterstock

    People could soon make mobile calls and send SMS text messages from the remotest parts of Australia, under a new election promise from the federal Albanese government to overhaul the country’s mobile phone network.

    The proposal would create a new universal outdoor mobile obligation for Australian mobile carriers such as Telstra, Optus and Vodafone. This obligation would require carriers to work with companies operating low Earth orbit satellites to provide access to mobile voice, SMS and the Triple Zero (000) service almost everywhere across Australia.

    This world-first reform would be a major step forward for public safety – especially in regional and remote areas, where mobile coverage is currently poor to nonexistent. The Albanese government says that if it wins the upcoming election, it would implement the reform by late 2027.

    However, implementing it will come with some technical challenges.

    Satellites boost mobile access

    Low Earth orbit satellites operate at an altitude of between 160km and 2,000km above the Earth’s surface. Examples include the roughly 7,000 Starlink satellites owned and operated by tech billionaire Elon Musk’s company, SpaceX, that are currently in orbit.

    The new generation of these satellites incorporates a technology known as “direct to device”. This means they can directly connect with mobile phones. And it is this feature the Labor government’s new proposal seeks to utilise.

    Specifically, the proposal aims to:

    • expand Triple Zero (000) access for Australians across the nation
    • expand outdoor voice and SMS coverage into existing mobile black spots
    • improve the availability of mobile signals during disasters and power outages.

    The proposal adds to carriers’ existing obligations to provide fixed phone and internet services across Australia.

    In a few years, low Earth orbit satellites should also be able to provide data using an enhanced direct to device technology. The government has said it will consider including data in the obligation when the opportunity arises.

    Staying safer and better connected in the bush

    The telecommunications industry has long worked towards a goal of providing universal outdoor mobile coverage in Australia. Labor’s new proposal provides the impetus for the industry to take this major step forward.

    It would also provide the guidance necessary to ensure a consumer safety focus remains the fundamental rationale for telecommunications.

    This policy would ensure everyone can connect to emergency services, friends and family during emergencies or natural disasters.

    The benefits for people living and working in regional and remote areas would be considerable.

    For example, truck drivers experiencing a breakdown in the outback would be able to call for assistance. And farmers working in the remote wheat belt regions of Western Australia could stay connected with other workers and their families.

    Technical problems to solve

    However, there are some technical problems the telecommunications industry will need to overcome to achieve universal outdoor mobile coverage.

    Across the world, nations are rolling out mobile networks that use different radio frequencies. For the universal outdoor mobile obligation to be successful, the mobile carriers will need to work with satellite providers to ensure the spectrum bands used in Australia for the 4G, and in the future 5G, mobile networks will also work with satellites.

    Mobile devices connect with the network when the user makes a phone call, sends an SMS text message or browses the internet.

    When the mobile is connected to a low Earth orbit satellite, it’s important that it can tell apps to “shut up” and stop trying to connect to the network to transmit data. Otherwise the connected mobiles could cause congestion and limit service reliability and resilience.

    There are mobile handsets that have this capability today. But the vast majority of older mobile handsets do not. A list of compatible mobile handsets would need to be compiled and made available, so that consumers can consider this information when purchasing a mobile.

    To connect to a low Earth orbit satellite, it is anticipated a mobile will need to be used in a location where the sky can be seen directly. And initially at least, using a satellite-connected mobile inside a vehicle will require an external antenna.

    The universal outdoor mobile obligation would enable drivers experiencing a breakdown in the outback to call for help.
    DedovStock/Shutterstock

    A timely step forward

    The government says the introduction of a universal outdoor mobile obligation would provide an opportunity to modernise and expand existing service obligations for mobile carriers. For both to be successful, there is also a need for minimum performance standards.

    Providing mobile voice call and SMS text access across Australia is of little value if the service quality is poor, and fails during an emergency or natural disaster.

    That being said, Labor’s proposal should gain bipartisan support. It is a timely step forward that will bring positive outcomes for all Australians, especially those living and working in regional and remote areas.

    Mark A Gregory has received funding from the Australian Research Council, the Australian Communications Consumer Action Network grants program and the auDA Foundation. Life member of the Telecommunications Association.

    – ref. Calling 000 for help in an emergency doesn’t work in parts of Australia – but a new plan could change that – https://theconversation.com/calling-000-for-help-in-an-emergency-doesnt-work-in-parts-of-australia-but-a-new-plan-could-change-that-250762

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What do young people want to see in politics? More than 20,000 pieces of their writing hold some answers

    Source: The Conversation (Au and NZ) – By Philippa Collin, Professor, Institute for Culture and Society, Western Sydney University

    Shutterstock

    Ahead of the Australian election, candidates, advisers and political parties might be paying attention to what young people think. And if they’re not, they should be.

    This election will be the first in which Gen Z and Millennial voters (aged 18–40) will outnumber Baby Boomers (aged 60–79). Many of these young people were in high school during the previous two elections.

    While there are concerns about the effectiveness of civics and citizenship education, there is also evidence young people are interested in, and active on, many issues.

    So what do young people care about most? We analysed thousands of pieces of writing by young Australians to find out.

    What matters to young people?

    For the past 20 years, young people have been telling us what matters to them as part of the Whitlam Institute’s What Matters? writing competition. Students in years 5–12 can write about whatever they like. Most are directed by their schools to contribute as a part of their civics curriculum. Some opt to enter the competition out of interest.

    A unique sample, our analysis of 22,500 entries from 2019 to 2024 provides insight into the issues that resonate most with this generation.

    We identified common themes: society and democracy, mental health, environment and climate change, intergenerational justice and (social) media.

    1. Society and democracy

    We found young people were actively grappling with complex and diverse issues in an increasingly fragmented political landscape. They are also concerned about anti-democratic forces.

    They reflect on what makes this moment exceptional – climate change, war and violence, rapid technological change – and consider actions needed from individuals, communities and institutions for them to have a future.

    Our research shows young people prioritise care in local and global futures, valuing peer support, family, intergenerational ties, and connections across communities and borders. The most common topic was family, followed by pollution, racism and poverty.

    An ethics of care shapes their sense of belonging and responsibility –
    and the responsibilities of government. As a senior student wrote in 2022:

    Children are being abused, or watching one of their parents be abused countless times. The Government needs to step up and do their job properly by using more effective ways of helping children and their parents get out of unsafe environments.

    Our sentiment analysis shows that they write with hope – and frequently with anxiety and fear.

    2. Mental health

    Many young people write about “health”, including physical health and the health of communities and natural environments. Most often, though, they write about mental health and the causes of worry, distress and illness.

    Young people want governments and leaders to tackle the causes of the causes of ill-health. In other words, they want action on what creates the drivers of ill-health, including climate change, inequality and loneliness.

    For policymakers and advocates, this means recognising mental health as deeply connected to broader social and political issues – issues young people believe governments must address if they are serious about improving wellbeing.

    3. Environment and climate change

    Environmental issues, particularly climate change, were dominant themes — more so than in previous years. Students write about their relationship to the environment and the benefits of connecting to nature.

    Concerns about climate change were a common theme across the entries.
    Shutterstock

    Some are calling out extractive relationships with the environment, particularly by large corporations. They demand urgent action from individuals and institutions, advocating for policies that prioritise future generations and the planet.

    A senior student wrote in 2019:

    our future is under threat because of climate change […] it is our generation’s future that is on the line, yet we continue to be unheard.

    4. Intergenerational justice

    Young people see intergenerational justice and social justice as interconnected, demanding climate action, economic opportunity and democratic participation. Their concerns reflect a commitment to human rights including refugee rights, gender equality and Indigenous justice.

    Their writing shows awareness of Australia’s role in the world. Many discuss global conflicts and the responsibilities of nations in promoting peace and security. They want to contribute to efforts to address these issues.

    Young people want to trust and have more of a role in Australian democracy. They want those in power, and the institutions and agencies over which they preside, to be more transparent, to communicate regularly and honestly, and to show how they are taking action for a better future for all generations.

    Key areas where young people want greater accountability are in government, the media and business. Twelve-year-old Ivy said in an interview:

    young children should have a direct voice to parliament […] adults would take us more seriously instead of just viewing us as just kids. If issues affect kids right now or this generation, they should have a say about that to parliament.

    Young people want their activism and efforts recognised and supported. They hope for a democracy in which they’re not just heard, but are actively engaged by leaders, with a direct voice in government (at all levels) and institutions.

    5. (Social) media

    Young people highlight social media’s pros and cons, calling for strategies that better engage with them to reduce harm and maximise benefits.

    Young Australians painted a nuanced picture of social media.
    Shutterstock

    They stress the need for digital literacy to navigate online information critically, and they want online environments to be supportive and safe.

    Young people are concerned about how they are represented in the media generally. They argue that inclusive and accurate portrayals are key to having their voices heard and respected – crucial for meaningful civic participation.

    Candidates on notice

    Young people are not just future constituents – they are voting at the next election.

    The young people whose writing we analysed have formed civic and political values during a turbulent time in Australian and world history: catastrophic bushfires and floods, a climate crisis, a pandemic, and digital technologies that are changing our lives.

    They reject the idea they are too young to understand issues, and instead want a participatory democracy in which their voices influence real decisions. Indeed, the public has shown a desire to let young people have more of a say.

    Our analysis tells us many of this year’s 18–24-year-old voters are informed, engaged and ready to hold leaders accountable. They want action on climate, mental health, economic justice and democratic accountability. They’re tired of being ignored and sidelined.

    The authors would like to acknowledge research assistant Ammar Shoukat Randhawa for their work on the research this article reports.

    Philippa Collin receives funding from the Australian Research Council, Telstra Foundation, Google, batyr, Whitlam Institute, Academy Of The Social Sciences In Australia and NSW Health. In recent years she has received funding from the NHMRC, the Federal Department of Education, Centre for Resilient and Inclusive Societies.

    Azadeh Dastyari is the Director, Research and Policy at the Whitlam Institute. She also receives funding from the Australian Communications Consumer Action Network (ACCAN).

    Michael Everitt Hartup has no conflict of interest.

    Sky Hugman receives funding from The Whitlam Institute

    – ref. What do young people want to see in politics? More than 20,000 pieces of their writing hold some answers – https://theconversation.com/what-do-young-people-want-to-see-in-politics-more-than-20-000-pieces-of-their-writing-hold-some-answers-250062

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Intchains Group Limited to Present at the 37th Annual ROTH Conference

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 24, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications, today announces that Company CFO Charles Yan, will be presenting at the 37th Annual ROTH Conference.

    Event 37th Annual ROTH Conference
    Date March 16~18, 2025
    Location Dana Point, CA, United States

    This year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, industry keynotes and panels with executive management attending from approximately 450 private and public companies in a variety of growth sectors including: Business Services, Consumer, Healthcare, Industrial Growth, Insurance, Resources, Sustainability and Technology, Media & Entertainment.

    To learn more and submit a registration request, visit https://ibn.fm/Roth2025Registration

    About Intchains Group Limited

    Intchains Group Limited is a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

    About ROTH

    ROTH is a relationship-driven investment bank focused on serving growth companies and their investors. Their full service platform provides capital raising, high impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, ROTH is a privately-held, employee owned organization and maintains offices throughout the U.S. For more information, please visit www.roth.com.

    Contacts:

    Intchains Group Limited

    Investor relations
    Email: ir@intchains.com

    Redhill

    Belinda Chan
    Tel: +852-9379-3045
    Email: belinda.chan@creativegp.com

    The MIL Network –

  • MIL-OSI China: US’ restrictive trade moves to be self-harming

    Source: China State Council Information Office

    China has called on the United States to adhere to international rules and end misguided policies, warning that it will take necessary measures to safeguard its legitimate rights, the Ministry of Commerce said on Sunday.

    On Friday, the Office of the United States Trade Representative invited comments from the public on proposed Section 301 actions aimed at China’s maritime, logistics and shipbuilding sectors.

    The US’ proposed restrictive measures, such as levying port fees, would be self-harming and have detrimental effects, according to an online statement issued by the Commerce Ministry.

    The statement said these moves would not only fail to revive the US shipbuilding industry, but also increase transportation costs on US-related shipping routes and intensify domestic inflationary pressures.

    The moves would diminish the global competitiveness of US goods and negatively affect the interests of US port and terminal operators, as well as their workers, it added.

    Since March 2024, China and the US have held multiple rounds of talks on the proposed actions. China has repeatedly expressed its stance on the Section 301 investigation, urging the US to be rational and objective, and to stop blaming China for its own industrial development issues.

    The ministry noted that a panel of the World Trade Organization has ruled that US imposition of Section 301 tariffs on China is in breach of WTO regulations. The misuse of the Section 301 investigation mechanism, driven by the US’ domestic political needs, continues to erode the multilateral trading system, the ministry said.

    Liao Fan, a professor of international law at the University of Chinese Academy of Social Sciences in Beijing, said that to counter rising protectionism and the weaponization of unilateral sanctions, WTO reform is urgently needed to address systemic issues, such as chronic underfunding and weak enforcement mechanisms.

    John Quelch, executive vice-chancellor of Duke Kunshan University in Kunshan, Jiangsu province, warned that international trade is entering a dangerous “Wild West” era, in which weaker economies and small countries more dependent on international trade are likely to suffer the most.

    “China needs to redouble its efforts to increase trade with Global South countries, gradually reducing dependence on traditional markets,” Quelch said, adding, “China should further stimulate domestic consumption if a global tariff war slows down international trade.”

    Guangxi Yuchai Machinery Co, an automotive engine manufacturer in Yulin, Guangxi Zhuang autonomous region, is already expanding into emerging markets.

    “We have leveraged multiple cooperation mechanisms and trade deals, such as the Belt and Road Initiative and the Regional Comprehensive Economic Partnership, to actively participate in international trade shows and establish new plants in Thailand and Vietnam in recent years. Our export value jumped 73 percent year-on-year in January, hitting a record high for a single month,” said Liu Hongbo, president of marketing at Guangxi Yuchai’s overseas business unit.

    “We have broadened our customer base in key regions, including Southeast Asia and the Middle East, while diversifying our market structure to reduce risks associated with overreliance on any single market,” Liu added.

    MIL OSI China News –

  • MIL-OSI Australia: MEDIA RELEASE: Labor shuns business in new round of FWC appointees

    Source: Australian Mines and Metals Association – AMMA

     Statement by AREEA Chief Executive Officer Steve Knott AM 

    On the eve of the federal election, the Albanese Government has continued to stack the Fair Work Commission with Labor’s union and lawyer mates.

    Today’s announcement of four new members means the Albanese Government since taking office has appointed 21 members to the national workplace tribunal who have backgrounds in trade unions or with Labor-aligned law firms.

    The Commission now comprises 31* Labor appointees and 26 Coalition-appointed members.

    All this does is encourage a future Coalition government to perpetuate Labor’s unacceptably partisan nature of appointments in an effort to rebalance the tribunal.

    The Government’s sweeping legislative changes have elevated the FWC’s involvement in setting employment terms and conditions.

    Businesses are being significantly impacted by new intractable bargaining laws – or arbitration under a fancy label – multi-employer bargaining, same job same pay orders and more.

    At a time when the FWC is increasingly required to make decisions on major commercial and contractual matters, the growth of union-linked appointees and the dearth of tribunal members with business experience is alarming.

    You would think that raising the stocks of members with a proven background and record in business practice and analysis would be a good idea.

    By sidelining these candidates, the Albanese Government’s politicisation of the nation’s IR tribunal with union- and Labor-linked members is another kick in the teeth for business confidence and productivity.

    It comes despite only 7.9 per cent of private sector employees who are union members.

    The broader public trust and confidence in courts, tribunals and other institutions is undermined when appointments are so blatantly political in nature.

    *Figure amended

    MIL OSI News –

  • MIL-OSI Australia: Operation Eclipse raids in the south-east

    Source: South Australia Police

    Police have seized almost $800,000 worth of illegal tobacco and $66,000 in cash in raids on 10 premises in the South-East of the state.

    Serious and Organised Crime Branch, Limestone Coast police and members from Consumer and Business Affairs searched premises at Mount Gambier, Naracoorte and Millicent on 19 and 20 February as part of Operation Eclipse investigations.

    The locations searched included tobacconists, candy and gift shops, a commercial storage facility and residential premises.

    In one search at a Mount Gambier gift shop $245,000 of illicit tobacco was located. Further investigations resulted in the seizure of $540,000 worth of tobacco products at a commercial storage premises in Mount Gambier.

    The searches resulted in the arrest of a man, 23, of Salisbury North for failing to provide his name and address.

    Operation Eclipse commander Detective Chief Inspector Brett Featherby said the regional seizures had significantly disrupted the activities of the syndicates.

    “If organised crime syndicates think they can operate in regional areas and not come to the attention of police they are wrong,’’ he said.

    “The seizures in the South-East have enhanced our knowledge of the operating model of the syndicates and are the subject of further investigations.

    “SAPOL will continue to have a whole of organisation response that targets the syndicates to disrupt their financial operations and criminal activity.

    “We will pursue criminal charges when sufficient evidence exists and that includes those who are supporting and enabling that activity.’’

    Operation Eclipse detectives have also searched another four premises in the metropolitan area since 18 February. Illicit tobacco worth $140,000 was seized in those searches.

    Detective Chief Inspector Featherby also appealed for public information into an arson attack at a tobacconist on Glynburn Road at Hectorville on Friday 21 February.

    In the incident three suspects arrived in a late model white sedan and attempted to set fire to the front of the premises. A witness extinguished the fire.

    “We would like to hear from anyone who knows of any person who may have burn injuries or who may have presented at a medical facility with burns since last Friday,’’ Detective Chief Inspector Featherby said.

    “We are also appealing for dash cam footage from vehicles in the Hectorville area between 4.30am and 5.30am on 21 February or anyone who observed people in a white late model sedan filling a fuel container at a petrol station.”

    Operation Eclipse has so far resulted in 29 arrests for offences including blackmail, arson, money laundering and serious criminal trespass.

    There have been 122 premises searched – 36 residential and 86 businesses – almost $1.25 million in cash, three firearms and almost $10.1 million in tobacco seized. Nine vehicles have also been seized for confiscation.

    Significantly, there have been 230 calls to Crime Stoppers since October 2 that have resulted in information being provided to police.

    Anyone with any information on criminal activities surrounding the sale of illicit tobacco is urged to call Crime Stoppers on 1800 333 000 or visit www.crimestopperssa.com.au – You can remain anonymous.

    MIL OSI News –

  • MIL-OSI: Exodus Movement, Inc. to Announce Fourth Quarter and Full Year 2024 Results on March 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 24, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced that it will release its fourth quarter and full year 2024 financial results on Monday, March 3, 2025, after market close. An earnings conference webcast will be held at 4:30 PM ET on the same day.

    To access the webcast, please use this link. It will also be available on the Company’s website www.exodus.com. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website.

    About Exodus

    Exodus is a financial technology leader empowering individuals and businesses with secure, user-friendly crypto software solutions. Since 2015, Exodus has made digital assets accessible to everyone through its multi-asset crypto wallets prioritizing design and ease of use.

    With self-custodial wallets, Exodus puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its business solutions include Passkeys Wallet and XO Swap, industry-leading tools for embedded crypto wallets and swap aggregation.

    Exodus is committed to driving the future of accessible and secure finance. Learn more at exodus.com or follow us on X at x.com/exodus.

    Investor Contact
    investors@exodus.com

    Disclosure Information
    Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com/blog; press releases; public videos, calls, and webcasts; and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

    Forward-Looking Statements
    This press release contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. Forward-looking statements in this document include, but are not limited to, quotations from management regarding confidence in our products, services, business trajectory and plans, and certain business metrics. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 6 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

    Source: Exodus Movement, Inc.

    The MIL Network –

  • MIL-OSI USA: Ernst Names Small Business of the Week, Edgewood Locker

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Edgewood Locker of Clayton County. Throughout the119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “Edgewood Locker’s seasoned approach has kept them marbled in success,” said Chair Ernst. “The Kerns’ family recipes truly are a meating of the minds. They produce award-winning sausages, meat sticks, bacon, and more, resulting in over one million pounds of sausage and almost 500,000 pounds of venison products just last year!”
    In 1966, Tom and Joan Kerns founded Edgewood Locker in a rented building in downtown Edgewood. Their sons, Terry and Jim, later joined the business. By 1980, the Kerns established a family partnership that has grown to provide custom meat processing while serving meat sticks, sausage, ribeye steaks, jerky, and much more in their retail store. Today, Terry and Jim run the business with the family’s third generation, Luke, Katie, Baili, and Payson. Edgewood Locker will celebrate its 58th anniversary in Iowa later this year.
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI USA: Following Dangerous Cuts to Transportation Workforce, Rosen Joins Colleagues to Demand Trump Administration Prioritize Safety

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – U.S. Senator Jacky Rosen, a member of the Senate Commerce, Science, and Transportation Committee, joined colleagues in a letter urging Secretary of Transportation Sean Duffy to stop the mass layoffs and firing of essential transportation safety employees and instead focus on prioritizing safety. In the letter, the lawmakers demand information regarding Department of Transportation plans to protect passengers and prevent future airline crashes. 
    “At the Department of Transportation, safety must come first, but that commitment appears in doubt as the Trump administration promotes cost-cutting over protecting the public,” wrote the Senators. “By offering to buy out federal employees, ordering government agencies to prepare for mass layoffs, firing employees with critical safety functions, giving Elon Musk and the Department of Government Efficiency (DOGE) free reign to cut the federal workforce, and turning Musk, DOGE, and their unqualified staff loose on the air traffic control system, the Trump administration risks undermining decades of safety improvements.”
    “We urge you to cease this dangerous approach to governing and request important information on how the Department of Transportation (DOT) plans to prioritize safety in this environment,” they continued.
    The lawmakers requested responses by March 3 to questions that include:  

    How many DOT employees were offered the buyout? How many accepted? 
    How many DOT employees have lost their jobs since January 20, 2025?  
    What is Musk’s and DOGE’s role in reviewing DOT personnel and program information? 
    What steps is the Department taking to ensure that Musk and the DOGE do not compromise public safety? 

    The full letter can be found HERE.
    As a member of the Committee on Commerce, Science, and Transportation, Senator Rosen has been an advocate for Nevada’s transportation and infrastructure interests. Earlier this year, she announced more than $700,000 to improve transportation for tribal communities in Nevada. She worked to write and pass the Bipartisan Infrastructure Law to create good-paying jobs and upgrade Nevada’s infrastructure. Last year, she secured $275 million to improve and expand I-80 to reduce congestion in Northern Nevada.

    MIL OSI USA News –

  • MIL-OSI Australia: Retail petrol prices lower across all capital cities and almost all regional locations in the December quarter

    Source: Australian Competition and Consumer Commission

    The quarterly average for retail petrol prices decreased in the December quarter 2024, hitting a three-year low in real (inflation adjusted) terms, the ACCC’s latest petrol monitoring report has found.

    Click to enlarge

    Average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3.0 cpl from the previous quarter.

    The decrease was largely due to lower international prices for refined petrol (Mogas 95). Mogas 95 prices are largely driven by international crude oil prices, which declined following slowing global oil demand together with increases in oil supply from Organisation of the Petroleum Exporting Countries (OPEC) members and some non-OPEC countries.

    “A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey said.

    Lower average petrol prices in other capital cities and in regional locations

    Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter 2024. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.

    Average retail petrol prices across regional locations (in aggregate), fell to 179.5 cpl in the December quarter 2024, slightly below the average prices across the five largest cities. The ACCC monitors fuel prices of more than 190 regional locations across Australia.

    “It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” Ms Brakey said.

    Average petrol gross indicative retail differences increased

    Gross indicative retail differences are a broad indicator of gross retail margins, including retail operating costs and profits. Average gross indicative retail differences across the five largest cities were 17.2 cpl in the December quarter 2024, an increase of 1.6 cpl from the previous quarter.

    Quarterly average gross indicative retail differences can vary between cities, and were lowest in Perth (9.6 cpl) and highest in Brisbane (24.1 cpl).

    In 2024, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, which is slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.

    The following chart shows the changes in the components of average retail petrol prices across the five largest cities.

    Components of quarterly average retail petrol prices across the five largest cities

    Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.

    Notes: cents per litre change from the previous quarter.

    *  Excise and wholesale goods and services tax (65.4 cpl) excludes a component of retail goods and services tax (1.5 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (66.9 cpl) is shown in the petrol bowser in the ‘December quarter 2024 – Petrol snapshot’.

    Average diesel prices were lower in all capital cities, reflecting international trends

    Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter 2024, down 8.4 cpl from the September quarter 2024. Average retail diesel prices were also lower in Canberra, Hobart and Darwin.

    Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.

    Quarterly average retail diesel prices in capital cities in the December quarter 2024

    Source: ACCC calculations based on data from Informed Sources.

    Note: cents per litre change from the previous quarter.

    In real (inflation adjusted) terms, quarterly average retail diesel prices across the five largest cities were the lowest in over three years, when average diesel prices were 172.4 cpl in the September quarter 2021.

    More consumers are using fuel price apps

    Around two in five consumers (or 41 per cent) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by the Australasian Convenience and Petroleum Marketers Association. This was up from 34 per cent in 2022.

    “Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Ms Brakey said.

    The ACCC also publishes up-to-date price charts, buying tips, and information on movements in the petrol price cycles that occur in Sydney, Melbourne, Brisbane, Adelaide and Perth, which can be helpful for consumers.

    The ACCC has championed greater fuel price transparency for consumers for some time.

    “We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025. Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme,” Ms Brakey said.

    Note to editors

    ‘Petrol’ means regular unleaded petrol unless otherwise specified.

    Price changes are reported in nominal terms unless otherwise specified.

    Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.

    Background

    The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.

    On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.

    MIL OSI News –

  • MIL-OSI USA: Barrasso, Lummis Join Colleagues in Urging ATF to Rescind Biden’s Anti-2A Rules

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso

    WASHINGTON, D.C. – U.S. Senator John Barrasso, Senate Majority Whip, and U.S. Senator Cynthia Lummis, both R-Wyo., joined U.S. Senator John Cornyn (R-Texas) and their Republican colleagues in sending a letter to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) urging the agency to align with President Trump’s Second Amendment priorities laid out in his recent Executive Order.

    The letter also urged ATF Deputy Director Marvin Richardson to identify and rescind former President Biden’s unlawful firearm regulations, including the “Engaged in the Business” rule, pistol brace rule, so-called “ghost gun” rule, and “zero tolerance” policy under which ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.

    “On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights. We urge you to immediately align ATF’s rules and policies with the President’s strong support for the Second Amendment,” the senators wrote.

    “Under former President Joe Biden, ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies.”

    Co-signers of this letter include Senate Majority Leader John Thune (R-S.D.) and U.S. Senators Thom Tillis (R-N.C.), Cindy Hyde-Smith (R-Miss.), Shelley Moore Capito (R-W.Va.), Jim Justice (R-W.Va.), Jim Risch (R-Idaho), Steve Daines (R-Mont.), Ted Cruz (R-Texas), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), James Lankford (R-Okla.), John Hoeven (R-N.D.), Roger Marshall (R-Kan.), Rick Scott (R-Fla.), Lindsey Graham (R-S.C.), Ted Budd (R-N.C.), Bill Hagerty (R-Tenn.), Tim Sheehy (R-Mont.), Pete Ricketts (R-Neb.), Bill Cassidy (R-La.), Joni Ernst (R-Iowa), Marsha Blackburn (R-Tenn.), Todd Young (R-Ind.), Markwayne Mullin (R-Okla.), Deb Fischer (R-Neb.), Jim Banks (R-Ind.), and Jerry Moran (R-Kan.).

    Full text of the letter can be found here.

    Dear Deputy Director Richardson:

    Thank you for your service in leading the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) during the presidential transition. On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights. We urge you to immediately align ATF’s rules and policies with the President’s strong support for the Second Amendment.

    Under former President Joe Biden, ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies. In particular, we call your attention to the following anti-Second Amendment regulations and policies, which must be immediately rescinded:

    • The engaged in the business rule, which is an unconstitutional attempt to move ATF to do all it can to impose universal background checks on law-abiding Americans. ATF has been enjoined, at least temporarily, from enforcing the rule because it violated the text of the Gun Control Act.
    • The pistol brace rule, which improperly reclassifies pistols equipped with stabilizing braces as “short-barreled rifles” (SBRs), thereby subjecting them to stringent regulations and serious criminal penalties under the National Firearms Act and the Gun Control Act. We are troubled by the fact that ATF promulgated this rule after it previously determined that attaching a stabilizing brace to a pistol did not render the pistol an SBR. This rule threatens to put stabilizing braces out of reach of millions of gun owners, including disabled combat veterans who rely on them to be able to shoot heavy pistols. Furthermore, the rule made law-abiding Americans felons overnight for having lawfully purchased stabilizing brace equipped pistols. Multiple courts have already found the rule to be arbitrary and capricious under the Administrative Procedure Act, and it was ordered vacated by the U.S. District Court for the Northern District of Texas. We appreciate the Government’s recent motions to hold ATF’s 5th and 11th Circuit appeals defending the rule in abeyance and to postpone oral argument, and ATF should work quickly to accede to the vacatur given the ongoing litigation.
    • The so-called “ghost gun” rule, which cracks down on law-abiding hobbyists who are exercising their Second Amendment rights to privately build firearms—a longstanding tradition that traces back to the Colonial Era. The regulations are currently before the Supreme Court, but ATF should act immediately to rescind this rule.
    • The “zero tolerance” policy, under which ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations. This policy violates a decades-long precedent of ATF working with FFLs to address these minor, unintentional violations and revoking FFL licenses only in cases of major, willful violations that threaten public safety. ATF should develop a program to restore the federal firearms licenses of those FFLs whose licenses were unfairly revoked—or surrendered under duress—where they did not engage in willful conduct (as understood prior to June 23, 2021, when the policy was announced) and do not represent at threat to public safety.

    In addition to promptly rescinding these rules and policies, we urge you to immediately destroy the hundreds of millions of ATF Form 4473 firearm transaction records and other licensee records that are over 20 years old. These records have no particular law enforcement value but do contain the sensitive information of millions of law-abiding gun owners. ATF should likewise return to the policy of allowing FFLs to destroy Form 4473 in their possession that are over 20 years old, which the Biden Administration initiated in violation of the federal prohibition on gun registration. Ending the policy of retaining these very old records will save money for the American taxpayer and counteract ATF’s unconstitutional rule change.

    Furthermore, we urge you to “continue collaboration to improve the process for” National Firearms Act applications. Congress recently instructed ATF to make these improvements. While NFA wait times have improved significantly, ATF must continue to “address ongoing delays in application processing times” until the archaic process is at least as efficient as the National Instant Criminal Background Check System. There is no reason that the right to purchase a firearm should be so greatly delayed; a right delayed is a right denied.

    The foregoing should not be considered a full accounting of every action or policy for which ATF may be held responsible under President Trump’s Executive Order but represent obvious and high priority places for ATF to initiate compliance.

    We look forward to working with you through the transition as you implement President Trump’s agenda and reorient ATF toward protecting Americans’ Second Amendment rights.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUYLKILL COUNTY – Governor Shapiro to Visit Child Care Center to Highlight Proposed Investments to Recruit and Retain Child Care Workers, Expand Access to Quality Services

    Source: US State of Pennsylvania

    February 25, 2025 – Pottsville, PA

    ADVISORY – SCHUYLKILL COUNTY – Governor Shapiro to Visit Child Care Center to Highlight Proposed Investments to Recruit and Retain Child Care Workers, Expand Access to Quality Services

    Governor Josh Shapiro will visit The Perception Training Center to talk about the major investments in workforce development in his 2025-26 Budget Proposal and his plans for expanding Pennsylvania’s child care workforce and making child care more affordable.

    During his first two years in office, Governor Shapiro signed into law a historic expansion of the Child and Dependent Care Enhancement Tax Credit and created a new tax credit for businesses who want to contribute to their employees’ child care costs. Those two initiatives helped make child care more affordable – and the Governor’s proposal this year would make child care more available through an investment of $55 million to support child care workforce recruitment and retention grants.

    WHO:
    Governor Josh Shapiro
    Senator David Argall
    Representative Tim Twardzik
    Michelle Dallago, Owner and Executive Director of Perception Early Learning, Inc.
    Bob Carl, President and CEO of the Schuylkill Chamber of Commerce
    Meridith Driscoll, Parent

    WHEN:
    TOMORROW, Tuesday, February 25, 2025 at 10:15AM

    WHERE:
    The Perception Training Center, Inc.
    1265 Laurel Boulevard,
    Pottsville, PA 17901

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: 02.24.2025 Sens. Cruz, Cornyn, Schumer, Gillibrand Reintroduce Border Airport Fairness Act

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – Today, U.S. Senate Commerce Committee Chairman Ted Cruz (R-Texas), Sen. John Cornyn (R-Texas), Senate Minority Leader Chuck Schumer (D-N.Y.), and Sen. Kirsten Gillibrand (D-N.Y.) introduced the Border Airport Fairness Act, legislation that would designate user fee airports within 30 miles of a land border as a port of entry (POE) and eliminate duplicative government fees.
    Upon introduction of the Border Airport Fairness Act, Sen. Cruz said, “Congress needs to take advantage of every opportunity to improve efficiency in logistics and travel in the United States. By giving our border airports the designation they deserve, we will put them on the same footing as all the other similarly situated primary commercial service airports. This will boost commerce in the Rio Grande Valley and upstate New York and reduce repetitive costs that affect both airports and travelers. As Commerce Committee Chairman, I look forward to working with my colleagues to get this important legislation enacted.”
    Sen. Cornyn said, “Right now, airports in Harlingen, Texas, and Plattsburgh, New York, have to pay to hire U.S. Customs and Border Protection agents despite their close proximity to the border, resulting in higher costs for both the airports and travelers. This legislation would designate these airports as official ports of entry, requiring CBP to provide agents.”
    Sen. Gillibrand said, “This is a commonsense, bipartisan bill that will designate Plattsburgh International Airport as a port of entry. This change will save the airport hundreds of thousands of dollars each year – money that the airport will then be able to spend on infrastructure upgrades and passenger experience improvements. I’m proud to be introducing this bill and look forward to getting it passed.”
    Read the full text of the bill here.
    BACKGROUND
    Currently, user fee airports like the Valley International Airport (VIA) in Harlingen, Texas, and Plattsburgh International Airport (PBG) are the only two Primary Commercial Service airports in close proximity to a U.S. border land crossing that are not ports of entry and are not international or landing rights airports. This designation means that these airports must pay potentially hundreds of thousands of dollars to staff the airport with Customs and Border Protection (CBP) agents. While these existing airports, and other potential future airports, qualify as ports of entry under the CBP’s criteria through their association with the nearest land border crossing, they have not received this designation—resulting in increased costs for these airports and travelers who fly in and out of these airports.
    Sen. Cruz, Cornyn, and Gillibrand previously introduced this legislation during the 118th Congress and Sen. Cruz introduced this legislation during the 117th Congress.

    MIL OSI USA News –

  • MIL-OSI USA: Fischer Announces Commerce Subcommittee Assignments & Chairmanship

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.) released her subcommittee assignments for the Senate Committee on Commerce, Science, and Transportation in the 119th Congress:
    Chair, Subcommittee on Telecommunications and Media
    Member, Subcommittee on Surface Transportation, Freight, Pipelines, and Safety
    Member, Subcommittee on Consumer Protection, Technology, and Data Privacy
    “Nebraska’s communities rely on connectivity—in both transportation and telecommunications—to thrive. This is especially true in our rural communities, which are too often neglected in policy conversations. I look forward to continuing my work on the Commerce Committee this Congress where I will advocate for Nebraskans’ needs, especially as Chair of the Subcommittee on Telecommunications and Media,” said Senator Fischer.The Subcommittee on Telecommunications and Media has broad jurisdiction over communications matters, including telephone, internet, satellite, broadcast, wireline and wireless broadband, spectrum management, and public safety communications. In the 119th Congress, Senator Fischer will lead the subcommittee’s efforts to keep Americans connected along with Ranking Member Ben Ray Luján (D-NM).

    MIL OSI USA News –

  • MIL-OSI USA: SBA Administrator Loeffler Issues Memo on Day One Priorities

    Source: United States Small Business Administration

    WASHINGTON — Following her confirmation and swearing-in as the 28th Administrator of the U.S. Small Business Administration, Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.

    “Small businesses are the backbone of our nation, driving innovation, job creation, and prosperity – and there’s no stronger advocate for small business than President Trump or myself. But over the last four years, the SBA has burdened entrepreneurs with bureaucracy – with its programs becoming mired in fraud, waste, and abuse,” SBA Administrator Loeffler said. “That changes today. My first priority is rebuilding the SBA into an America First engine for free enterprise – by empowering small businesses and fueling economic growth.

    “From day one, we will uphold the highest standards of accountability, performance, and integrity, where taxpayer dollars will be safeguarded, not squandered. We will streamline operations, drive efficiency, and ensure programs deliver real results. It’s a new day at the SBA, and I’m honored to lead a team that is committed to serving America’s job creators and citizens when disaster strikes.”

    The following priorities have been distributed to all SBA staff as the agency prepares to carry out President Trump’s America First agenda and empower small businesses to thrive:

    Supporting President Trump’s America First Agenda

    1. Promoting “Made in America” with U.S. manufacturing: The vast majority of America’s manufacturers are small businesses, and SBA programs have powered tens of thousands of them. This agency is committed to supporting the America First agenda by rebuilding American supply chains and investing in manufacturing to strengthen our economy and national security. The agency will transform its Office of International Trade into the Office of Manufacturing and Trade – which will focus on promoting economic independence, job creation, and fair trade practices to power the next blue-collar boom. SBA will also partner across agencies to scale innovative manufacturing and technology startups that will help our nation return to “Made in America.”
    2. Implementing President Trump’s executive orders: SBA will enforce all of President Trump’s executive orders including Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government, Ending Radical and Wasteful Government DEI Programs and Preferencing and Unleashing American Energy. To date, SBA has already taken the following actions:
      • Eliminated the Office of Diversity, Equity, Inclusion, and Accessibility, placing DEIA employees on administrative leave.
      • Paused grants across the agency that do not comply with President Trump’s executive orders.
      • Paused the Green Lender Initiative to reverse the previous Administration’s favoritism for Green New Deal ventures that did not support America’s return to energy dominance.
    3. Supporting the Department of Government Efficiency: SBA will continue working closely with President Trump’s DOGE as the federal government moves into a new era of accountability, transparency, and efficiency. SBA will prioritize eliminating fraud and waste within the agency, to ensure American taxpayer dollars are utilized in the most productive way possible to benefit small businesses and economic growth and resilience.
    4. Mandating full-time, in-office work for SBA employees: Pursuant to President Trump’s Return to In-Person Work presidential memorandum, SBA will require all employees, unless exempt, to return to their respective duty stations five days a week as of today, Monday, Feb. 24, 2025.
    5. Prioritizing workforce optimization: As part of the broader effort to support President Trump’s workforce optimization initiatives, SBA will continue to evaluate workforce reduction measures, including the overhaul of all advisory boards, to ensure the agency is operating with maximum efficiency to deliver results for U.S. taxpayers, small businesses, and those affected by disaster.
    6. Cracking down on fraud: SBA’s loan programs should be a powerful tool for empowering small business formation and delivering critical aid to disaster victims. The prior Administration left these programs with unaddressed fraud – including an estimated $200 billion in pandemic-era fraud. Starting today, the SBA will institute a zero-tolerance policy for fraud and investigate fraud across all programs. The agency has established a Fraud Working Group and will appoint a Fraud Czar to identify, stop, and claw back criminally obtained funds on behalf of American taxpayers – working across agencies to prevent fraud.

    Eliminating Wasteful Spending and Cracking Down on Fraud

    1. Conducting an agency-wide financial audit: As fraud has risen, so too have delinquencies, defaults, and charge-offs on loan programs, exacerbated by the previous Administration’s lax loan underwriting, servicing, and collection efforts. As a result, SBA has not satisfactorily completed a financial audit for several consecutive years. Therefore, the agency will request an independent audit of its financials to address mismanagement, restore the credibility of financial statements, and preserve the solvency of public-private programs like the 7(a) lending program and the Small Business Investment Company program, which are designed to drive economic growth without taxpayer subsidy.
    2. Protecting the solvency of loan programs and restoring underwriting standards: Likewise, SBA will review all options to protect the solvency of its lending programs, including revising practices that have jeopardized the zero-subsidy status of programs like 7(a). The agency will also restart its dormant collections programs effective immediately. Furthermore, SBA will restore its underwriting standards, ensuring taxpayer dollars only go to supporting eligible small businesses across America – by conducting a full review of current lending SOPs, ending the “Do What You Do” standard for lending, and enhancing oversight of non-bank lenders.
    3. Banning illegal aliens from receiving SBA assistance: Programs funded by American citizens should only benefit American citizens. Consistent with President Trump’s Ending Taxpayer Subsidization of Open Borders executive order, the agency will implement a policy banning illegal aliens from receiving any taxpayer-funded assistance from SBA – putting U.S. citizens and America first.
    4. Restricting hostile foreign nationals from accessing SBA assistance: Similarly, in the interest of national security, the agency will implement measures to prevent hostile foreign nationals, especially those with ties to the Chinese Communist Party, from accessing SBA assistance.

    Empowering Small Businesses

    1. Creating a strike force to cut regulation: For the first time in years, SBA will fully staff and empower the Office of Advocacy to utilize its power to identify and eliminate burdensome regulations promulgated by all federal agencies, as authorized by the Regulatory Flexibility Act, Small Business Regulatory Enforcement Fairness Act of 1996, the Congressional Review Act, and other statutes. The Administrator will work alongside the Chief Counsel for Advocacy to cut past and future regulations across the board and partner with all federal agencies to ensure they are working to reduce bureaucracy and costs for job creators and promote successful business formation.
    2. Improving SBA customer service, technology, and cybersecurity: Respecting that small businesses must perform for their customers, the SBA must meet performance standards across our own operations. Working with DOGE, the SBA will review the agency’s multiple digital interfaces. To streamline and improve user experience across all platforms, the agency will also review its technology for cybersecurity, response times, and customer satisfaction – including by collaborating with the White House on the application of artificial intelligence.
    3. Promoting fair competition by returning 8(a) contracting goals to statutory levels: The previous Administration increased the 8(a) federal contracting goal for Small Disadvantaged Businesses to an all-time high of 15%. This action unfairly tipped the scales against any small business that did not qualify as “disadvantaged,” negatively impacting many veteran-owned small businesses. As part of a broader effort to support competition and equal access to federal contracting for all small business owners, SBA has returned the 8(a) SDB contracting goal to its statutory level of 5%.
    4. Relocating regional offices out of sanctuary cities: To better serve Main Streets across America, especially in rural areas, SBA will relocate regional offices currently based in sanctuary cities to less costly, more accessible locations in communities that comply with federal immigration law. Additionally, Administrator Loeffler commits to personally visiting SBA’s regional offices and district offices – to facilitate a continuous dialogue with small business owners and hear directly from local job creators about real-world challenges and opportunities to support growth and innovation.
    5. Ending partisan voter registration activities: The SBA will end all taxpayer-funded voter registration activities – starting by rescinding the agency’s 2024 Memorandum of Understanding with the Michigan Secretary of State’s office, which forced SBA district offices to conduct partisan voter registration on behalf of the previous Administration. Instead, the agency will return its focus to its founding mission of empowering job creators, delivering disaster relief, and driving economic growth.

    # # #

     

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI Economics: African Development Bank and global public development banks to convene in Cape Town to advance climate resilience

    Source: African Development Bank Group

    WHAT:            Finance in Common Summit 2025

    WHEN:           February 26-28, 2025

    WHERE:         Cape Town, South Africa

    WHO:             The African Development Bank; senior leaders of 530 public development banks                                   representing 155 countries; global development and finance leaders

    The Fifth Finance in Common Summit (FiCS), co-hosted by the Development Bank of Southern Africa (DBSA) and the Asian Infrastructure Investment Bank (AIIB) with the support of Agence Française de Développement (AFD), will take place this year in Cape Town, South Africa from 26-28 February. The African Development Bank is a sponsor for the event.

    The African Development Bank President Dr Akinwumi Adesina will lead a delegation to the summit which has the theme, Fostering Infrastructure and Finance for Fair and Sustainable Growth. The theme aligns with the objectives of South Africa’s presidency of the G20: Solidarity, Equity, Sustainability.

    Dubbed a “Summit of Solutions,” the event will bring together institutions that manage US$23 trillion in assets (10% of global investments) to address critical infrastructure needs in climate-vulnerable regions and advance financial innovation and sustainable development, focusing on Africa and developing Asian nations. It will focus on three critical pillars: inclusive finance to reduce inequality, digital transformation to bridge technological gaps, and climate-resilient infrastructure development, all aimed at creating a more equitable and sustainable world.

    The African Development Bank delegation also includes Solomon Quaynor, Vice President for Private Sector, Infrastructure & Industrialization; Nnenna Nwabufo, Vice President for Regional Development, Integration and Business Delivery; Hassatou Diop N’Sele, Vice President for Finance and Chief Financial Officer; Leila Farah Mokaddem, Director General for Southern Africa and Moono Mupotola, Deputy Director General for Southern Africa, who will be speaking at sessions across the three days.

    The Finance in Common Summit, launched in 2020, represents the world’s largest gathering of public development banks.

    To request media interviews with members of the Bank’s delegation, please email the contact below.

    Click here to register for the event and more information.

    Join the conversation: #FiCS2025 #SustainableFinance

    MIL OSI Economics –

  • MIL-OSI: Skyline Bankshares, Inc. Announces Appointment of Director

    Source: GlobeNewswire (MIL-OSI)

    FLOYD, Va. and INDEPENDENCE, Va., Feb. 24, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”), announces the appointment of Israel O’Quinn as a director of the Company and the Bank effective immediately. The Company’s Board of Directors approved the appointment on February 18, 2025.

    Mr. O’Quinn is President and CEO of The United Company Foundation as well as the James W. and Francis G. McGlothlin Foundation.  He has also served as an elected member of the Virginia House of Delegates since 2011.  For almost all of his tenure in the House of Delegates, Mr. O’Quinn has been a member of the Commerce and Energy committee, among others, which has provided him an in-depth knowledge of the laws and regulations related to banking and other businesses.  Before his current role leading the two charitable foundations, Mr. O’Quinn was a key executive at KVAT Food Stores (Food City) for seventeen years, serving in roles of increasing responsibility across the organization, including strategy, regulatory issues and community relations.  Born and raised in Southwest Virginia, and having represented the area for over a decade in the legislature, he is well-versed in the needs and opportunities of the region.  Mr. O’Quinn is a member of the Emory & Henry University Board of Trustees and he earned Bachelors Degrees in Political Science and History from the college.  In addition to his legislative and professional work, Mr. O’Quinn has served on a number of other boards and commissions, including as Chairman of the Bristol Chamber of Commerce, and provided leadership to economic development projects as Co-Chair of InvestSWVA. 

    President and CEO Blake Edwards stated, “Israel’s professional experience, service in the legislature, and in-depth knowledge of the region, will make him a tremendous addition to Skyline as we continue to expand our presence in the southwest Virginia and eastern Tennessee markets. We are excited to welcome Israel to the Skyline family.”

    Skyline National Bank is the wholly-owned subsidiary of Skyline Bankshares, Inc. and serves southwestern Virginia, northwestern North Carolina, and eastern Tennessee with 28 branches and 2 loan production offices.

    For more information contact:
    Blake Edwards, President & CEO – 276-773-2811
    Lori Vaught, EVP & CFO – 276-773-2811

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Announces Closing of $220.0 Million of Senior Secured Notes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that on February 21, 2025, ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of the Company closed a private placement of $220.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of the amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), at issuance, by the Company, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT II, LLC (“SubREIT II”), RCSR I Investments, LLC (“RCSR I”), RCSR II Investments, LLC (“RCSR II”) and RCSR I Intermediate Holdings, LLC (collectively, the “Guarantors”). ReadyCap’s and the Guarantors’ respective obligations under the Notes and the Guarantees are secured by a first-priority lien on the assets of RCSR I and RCSR II and the capital stock of RCSR I, RCSR II, SubREIT II and certain other subsidiaries of the Company.

    The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes.

    Piper Sandler & Co. acted as the placement agent for the offering. Alston & Bird LLP served as counsel for the Company, and Ropes & Gray LLP served as counsel for the placement agent.

    The Notes and the Guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, or any state securities laws.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” “potential” or the negative of those terms or other comparable terminology are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, the expected use of the net proceeds from the private placement. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023 filed with the SEC and in its other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    Contacts:
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network –

  • MIL-OSI: Zoom Communications Reports Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter total revenue of $1,184.1 million, up 3.3% year over year as reported and 3.6% in constant currency; full fiscal year total revenue of $4,665.4 million, up 3.1% year over year as reported and 3.3% in constant currency
    • Fourth quarter Enterprise revenue of $706.8 million, up 5.9% year over year; full fiscal year Enterprise revenue of $2,754.2 million, up 5.2% year over year
    • Fourth quarter operating cash flow of $424.6 million, up 20.9% year over year; full fiscal year operating cash flow of $1,945.3 million, up 21.7% year over year; full fiscal year operating cash flow margin of 41.7%
    • Fourth quarter GAAP operating margin of 19.0%, up 430 bps year over year, and non-GAAP operating margin of 39.5%, up 80 bps year over year; full fiscal year GAAP operating margin of 17.4%, up 580 bps year over year, and non-GAAP operating margin of 39.4%, up 20 bps year over year
    • Number of customers contributing more than $100,000 in trailing 12 months revenue up 7.3% year over year
    • Repurchased approximately 4.3 million shares of common stock in fourth quarter and approximately 15.9 million shares of common stock during full fiscal year

    SAN JOSE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), an AI-first work platform for human connection, today announced financial results for the fourth quarter and fiscal year ended January 31, 2025.

    “In FY25, Zoom AI Companion emerged as the driving force behind our transformation into an AI-first company, enabling our customers to discover enhanced productivity opportunities. As Zoom AI Companion becomes increasingly agentic, we look forward to continuing to help our customers fully realize the benefits of AI and discover what’s possible with AI agents,” said Eric S. Yuan, Zoom’s founder and CEO. “Both Contact Center and Workvivo had incredible years capped by excellent Q4s in terms of strategic logo wins, upmarket momentum and broader customer growth. As we rapidly innovated for our customers, we delivered a robust 5.8-point expansion in FY25 GAAP operating margin driven by increased focus on prioritizing investments and controlling share-based compensation, and grew FY25 operating cash flow 21.7% year over year to nearly $2 billion, representing an operating cash flow margin of 41.7%.”

    Fourth Quarter Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fourth quarter was $1,184.1 million, up 3.3% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,188.0 million, up 3.6% year over year. Enterprise revenue was $706.8 million, up 5.9% year over year, and Online revenue was $477.3 million, down 0.4% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fourth quarter was $225.1 million, compared to GAAP income from operations of $168.5 million in the fourth quarter of fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $468.0 million for the fourth quarter, compared to non-GAAP income from operations of $443.7 million in the fourth quarter of fiscal year 2024. For the fourth quarter, GAAP and non-GAAP operating margin was 19.0% and 39.5%, respectively, up from 14.7% and 38.7%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fourth quarter was $367.9 million, or $1.16 per share, compared to GAAP net income of $298.8 million, or $0.95 per share in the fourth quarter of fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $446.9 million for the fourth quarter. Non-GAAP net income per share was $1.41 in the fourth quarter. In the fourth quarter of fiscal year 2024, non-GAAP net income was $444.0 million, or $1.42 per share.

    • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2025 was $7.8 billion.
    • Cash Flow: Net cash provided by operating activities was $424.6 million for the fourth quarter, compared to $351.2 million in the fourth quarter of fiscal year 2024, up 20.9% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $416.2 million in the fourth quarter, compared to $332.7 million in the fourth quarter of fiscal year 2024, up 25.1% year over year.

    Full Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fiscal year was $4,665.4 million, up 3.1% year over year. After adjusting for foreign currency impact, revenue in constant currency was $4,675.0 million, up 3.3% year over year. Enterprise revenue was $2,754.2 million, up 5.2% year over year, and Online revenue was $1,911.2 million, up 0.2% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $813.3 million, compared to GAAP income from operations of $525.3 million for fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, and acquisition-related expenses, was $1,837.9 million for the fiscal year, compared to non-GAAP income from operations of $1,774.9 million for fiscal year 2024. For the fiscal year, GAAP and non-GAAP operating margin was 17.4% and 39.4% respectively, up from 11.6% and 39.2%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fiscal year was $1,010.2 million, or $3.21 per share, compared to GAAP net income of $637.5 million, or $2.07 per share for fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $1,744.8 million for the fiscal year. Non-GAAP net income per share was $5.54. In fiscal year 2024, non-GAAP net income was $1,608.0 million, or $5.21 per share.

    • Cash Flow: Net cash provided by operating activities was $1,945.3 million for the fiscal year, compared to $1,598.8 million for fiscal year 2024 up 21.7% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,808.7 million, compared to $1,471.9 million for fiscal year 2024, up 22.9% year over year.

    Customer Metrics: Drivers of revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2025, Zoom had:

    • Approximately 192,600 Enterprise customers.
    • A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
    • 4,088 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 7.3% from the same quarter last fiscal year.
    • Online average monthly churn of 2.8% for the fourth quarter, down 20 bps from the same quarter last fiscal year.
    • At the end of the fourth quarter, the percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 75.1%, up 90 bps year over year.

    As Zoom continues to expand and evolve, we have seen an increasing overlap between our Enterprise and Online customer categories. Over time, customers with lower MRR are expected to move from Enterprise to Online as we optimize our sales strategies. While these moves do not have a material impact on other customer metrics, the number of customers between these two groups has become less meaningful as a customer metric. Therefore, beginning in the first quarter of fiscal year 2026, we will no longer report the number of Enterprise customers as a customer metric. However, we will continue to provide this metric in the appendix of our investor deck through the end of fiscal year 2026, which will be accessible on our investor relations website (investors.zoom.us).

    Financial Outlook: Zoom is providing the following guidance for its first quarter of fiscal year 2026 and its full fiscal year 2026.

    • First Quarter Fiscal Year 2026: Total revenue is expected to be between $1.162 billion and $1.167 billion and revenue in constant currency is expected to be between $1.168 billion and $1.173 billion. Non-GAAP income from operations is expected to be between $440.0 million and $445.0 million. First quarter non-GAAP diluted EPS is expected to be between $1.29 and $1.31 with approximately 316 million non-GAAP weighted average shares outstanding.
    • Full Fiscal Year 2026: Total revenue is expected to be between $4.785 billion and $4.795 billion and revenue in constant currency is expected to be between $4.803 billion and $4.813 billion. Non-GAAP income from operations is expected to be between $1.850 billion and $1.860 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.34 and $5.37 with approximately 318 million non-GAAP weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

    The EPS and share count figures do not include any impact from $1.6 billion of authorized share repurchase remaining as of January 31, 2025.

    Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

    A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

    Zoom Video Earnings Call

    Zoom will host a Zoom Video Webinar for investors on February 24, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/ 

    About Zoom

    Zoom’s mission is to provide an AI-first platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including tariffs and trade tensions, inflationary pressures and market volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures

    Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs, severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

    Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

    Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

    Customer Metrics

    Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

    Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

    Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

    Public Relations

    Colleen Rodriguez
    Head of Global Public Relations
    press@zoom.us 

    Investor Relations

    Charles Eveslage
    Head of Investor Relations
    investors@zoom.us 

    Zoom Communications, Inc.
    Consolidated Balance Sheets
    (In thousands)

        As of January 31,
          2025     2024
    Assets   (unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 1,349,380   $ 1,558,252
    Marketable securities     6,442,329     5,404,233
    Accounts receivable, net     495,228     536,078
    Deferred contract acquisition costs, current     188,358     208,474
    Prepaid expenses and other current assets     200,679     219,182
    Total current assets     8,675,974     7,926,219
    Deferred contract acquisition costs, noncurrent     123,464     138,724
    Property and equipment, net     330,475     293,704
    Operating lease right-of-use assets     55,900     58,975
    Strategic investments     591,481     409,222
    Goodwill     307,295     307,295
    Deferred tax assets     749,759     662,177
    Other assets, noncurrent     154,073     133,477
    Total assets   $ 10,988,421   $ 9,929,793
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 8,345   $ 10,175
    Accrued expenses and other current liabilities     558,562     500,164
    Deferred revenue, current     1,336,387     1,251,848
    Total current liabilities     1,903,294     1,762,187
    Deferred revenue, noncurrent     17,274     18,514
    Operating lease liabilities, noncurrent     37,406     48,308
    Other liabilities, noncurrent     95,363     81,378
    Total liabilities     2,053,337     1,910,387
             
    Stockholders’ equity:        
    Common stock     305     307
    Additional paid-in capital     5,130,271     5,228,756
    Accumulated other comprehensive income     4,990     1,063
    Retained earnings     3,799,518     2,789,280
    Total stockholders’ equity     8,935,084     8,019,406
    Total liabilities and stockholders’ equity   $ 10,988,421   $ 9,929,793
                 

    Note: The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was $118.5 million and $124.8 million as of January 31, 2025 and 2024, respectively.

    Zoom Communications, Inc.
    Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025     2024     2025     2024
    Revenue   $ 1,184,138   $ 1,146,457   $ 4,665,433   $ 4,527,224
    Cost of revenue     287,355     276,307     1,129,627     1,077,801
    Gross profit     896,783     870,150     3,535,806     3,449,423
    Operating expenses:                
    Research and development     217,121     205,282     852,415     803,187
    Sales and marketing     358,903     371,052     1,427,384     1,541,307
    General and administrative     95,696     125,286     442,712     579,650
    Total operating expenses     671,720     701,620     2,722,511     2,924,144
    Income from operations     225,063     168,530     813,295     525,279
    Gains on strategic investments, net     150,357     101,296     177,142     109,770
    Other income, net     74,899     83,057     325,147     197,263
    Income before provision for income taxes     450,319     352,883     1,315,584     832,312
    Provision for income taxes     82,454     54,051     305,346     194,850
    Net income     367,865     298,832     1,010,238     637,462
                     
    Net income per share:                
    Basic   $ 1.20   $ 0.98   $ 3.28   $ 2.12
    Diluted   $ 1.16   $ 0.95   $ 3.21   $ 2.07
    Weighted-average shares used in computing net income per share:                
    Basic     306,553,952     305,822,936     307,981,971     300,748,162
    Diluted     316,693,346     313,467,303     315,069,582     308,519,897
                             

    Zoom Communications, Inc.
    Consolidated Statements of Cash Flows
    (Unaudited, in thousands)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    Cash flows from operating activities:                
    Net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Stock-based compensation expense     222,939       254,373       931,309       1,057,161  
    Deferred income taxes     (18,416 )     (136,735 )     (90,551 )     (116,679 )
    Amortization of deferred contract acquisition costs     71,063       66,793       282,103       270,701  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Depreciation and amortization     34,591       27,272       122,632       104,451  
    Provision for accounts receivable allowances     2,983       6,182       20,022       35,244  
    Unrealized foreign exchange losses (gains)     12,364       (11,022 )     17,165       12,259  
    Non-cash operating lease cost     6,205       5,225       24,066       21,066  
    Amortization of discount/premium on marketable securities     (16,871 )     (17,463 )     (71,636 )     (50,770 )
    Other     630       (2,419 )     4,048       (7,670 )
    Changes in operating assets and liabilities:                
    Accounts receivable     (47,632 )     (18,723 )     26,640       53,270  
    Prepaid expenses and other assets     (11,360 )     53,208       (17,114 )     (71,247 )
    Deferred contract acquisition costs     (79,932 )     (68,303 )     (246,727 )     (214,657 )
    Accounts payable     (1,686 )     (2,158 )     (3,133 )     (4,416 )
    Accrued expenses and other liabilities     65,245       51,989       62,277       51,974  
    Deferred revenue     (26,253 )     (48,637 )     79,995       (46,719 )
    Operating lease liabilities, net     (6,812 )     (5,893 )     (28,884 )     (22,824 )
    Net cash provided by operating activities     424,566       351,225       1,945,308       1,598,836  
    Cash flows from investing activities:                
    Purchases of marketable securities     (919,938 )     (1,120,371 )     (4,622,104 )     (4,083,968 )
    Maturities of marketable securities     919,856       773,341       3,610,274       3,131,419  
    Sales of marketable securities     —       1,191       47,482       1,191  
    Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Purchases of strategic investments     (5,000 )     (17,727 )     (18,500 )     (70,527 )
    Proceeds from strategic investments     8,530       62,823       13,384       170,067  
    Cash paid for acquisition, net of cash acquired     —       —       —       (204,918 )
    Net cash used in investing activities     (4,886 )     (319,283 )     (1,106,024 )     (1,183,689 )
    Cash flows from financing activities:                
    Cash paid for repurchases of common stock     (354,567 )     —       (1,093,878 )     —  
    Proceeds from issuance of common stock for employee stock purchase plan     19,745       21,584       54,008       54,097  
    Proceeds from exercise of stock options     867       1,859       4,619       10,195  
    Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net     4,984       791       7,174       (4,106 )
    Net cash (used in) provided by financing activities     (328,971 )     24,234       (1,028,077 )     60,186  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (12,150 )     11,077       (15,170 )     (10,196 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     78,559       67,253       (203,963 )     465,137  
    Cash, cash equivalents, and restricted cash—beginning of year     1,282,858       1,498,127       1,565,380       1,100,243  
    Cash, cash equivalents, and restricted cash—end of year   $ 1,361,417     $ 1,565,380     $ 1,361,417     $ 1,565,380  
                                     

    Zoom Communications, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    GAAP income from operations   $ 225,063     $ 168,530     $ 813,295     $ 525,279  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Non-GAAP income from operations   $ 467,962     $ 443,749     $ 1,837,895     $ 1,774,888  
    GAAP operating margin     19.0 %     14.7 %     17.4 %     11.6 %
    Non-GAAP operating margin     39.5 %     38.7 %     39.4 %     39.2 %
                     
    GAAP net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Income tax benefits from discrete activities     —       (8,272 )     —       (8,272 )
    Tax effects on non-GAAP adjustments     (13,461 )     (20,512 )     (112,945 )     (161,006 )
    Non-GAAP net income   $ 446,946     $ 443,971     $ 1,744,751     $ 1,608,023  
                     
    Net income per share – basic and diluted:                
    GAAP net income per share – basic   $ 1.20     $ 0.98     $ 3.28     $ 2.12  
    Non-GAAP net income per share – basic   $ 1.46     $ 1.45     $ 5.67     $ 5.35  
    GAAP net income per share – diluted   $ 1.16     $ 0.95     $ 3.21     $ 2.07  
    Non-GAAP net income per share – diluted   $ 1.41     $ 1.42     $ 5.54     $ 5.21  
                     
    GAAP and non-GAAP weighted-average shares used to compute net income per share – basic     306,553,952       305,822,936       307,981,971       300,748,162  
    GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted     316,693,346       313,467,303       315,069,582       308,519,897  
                     
    Net cash provided by operating activities   $ 424,566     $ 351,225     $ 1,945,308     $ 1,598,836  
    Less: Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Free cash flow (non-GAAP)     416,232       332,685       1,808,748       1,471,883  
    Net cash used in investing activities   $ (4,886 )   $ (319,283 )   $ (1,106,024 )   $ (1,183,689 )
    Net cash provided by financing activities   $ (328,971 )   $ 24,234     $ (1,028,077 )   $ 60,186  
    Operating cash flow margin (GAAP)     35.9 %     30.6 %     41.7 %     35.3 %
    Free cash flow margin (non-GAAP)     35.2 %     29.0 %     38.8 %     32.5 %
                     
        Three Months Ended January 31,   Year Ended January 31,
          2025       2025  
        Revenue   YoY Revenue Growth (%)   Revenue   YoY Revenue Growth (%)
    GAAP revenue   $ 1,184,138       3.3 %   $ 4,665,433       3.1 %
    Add: Constant currency impact     3,835       0.3 %     9,545       0.2 %
    Revenue in constant currency (non-GAAP)   $ 1,187,973       3.6 %   $ 4,674,978       3.3 %

    The MIL Network –

  • MIL-OSI: EverCommerce Announces Date of Fourth Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its fourth quarter 2024 financial results after the U.S. financial markets close on Thursday, March 13, 2025.

    Management will host a conference call on Thursday, March 13 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Total Revenue Increased 20% for the year to $314.5 million –
    – Core Revenue Grew 17% for the year to $273.7 million –
    – Total Written Premium in 2024 Increased 29% to $3.8 billion –
    – 2024 Net Income of $49.1 million versus $23.7 million in 2023 –
    – Adjusted EBITDA in 2024 up 43% to $99.9 million –

    WESTLAKE, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Total Revenues grew 49% over the prior-year period to $93.9 million in the fourth quarter of 2024
    • Fourth quarter Core Revenues* of $68.0 million increased 19% over the prior-year period
    • Fourth quarter net income of $23.8 million improved from net income of $5.4 million a year ago. EPS of $0.60 per share increased 300% and adjusted EPS* of $0.79 per share increased 182%, over the prior-year period
    • Net income margin for the fourth quarter was 25%
    • Adjusted EBITDA* of $37.4 million increased 164% from $14.1 million in the prior-year period
    • Adjusted EBITDA Margin* increased 17 percentage points over the prior-year period to 40%
    • Total written premiums placed for the fourth quarter increased 28% over the prior-year period to $965.6 million
    • Policies in force grew 13% from the prior-year period to approximately 1,674,000

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We had an outstanding 2024 in the face of significant macro headwinds. For the full year premium growth was 29%, total revenue increased 20%, core revenue was up 17%, net income grew 107% to $49.1 million and Adjusted EBITDA grew 43% to $99.9 million, with net income margin of 16% up 700 basis points and Adjusted EBITDA Margin of 32% up 500 basis points,” stated Mark K Miller, President and CEO. “I am pleased we began to demonstrate growth re-acceleration in a number of key performance indicators including policies in force were up 13%. Our producer base is healthier than ever as franchise productivity was up 49%, coupled with franchise producer growth of 7%. Loss activity and insurance market challenges in 2024 and the start of 2025 have further highlighted the importance of appropriate personal lines coverage, as well as the value we bring to clients, agents and carriers. We are encouraged to be seeing signs of gradual improvement in the product market. I couldn’t be more excited for what lies ahead as we continue to invest in people and technology. This further expands our competitive moat as we progress on our journey to becoming the largest distributor of personal lines in the US.” 

    Fourth Quarter 2024 Results
    For the fourth quarter of 2024, revenues were $93.9 million, an increase of 49% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $68.0 million, a 19% increase from $56.9 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was primarily driven by strong client retention of 84% and rising premium rates as well as increases in both the number of corporate agents and productivity per agency. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the fourth quarter compared to the corresponding period in prior year.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2024 were $56.5 million, up 16% from $48.9 million in the prior-year period. The increase from the prior period was primarily due to increased employee compensation and benefits expenses related to investments in corporate producers, technology, and service functions. General and administrative expenses, excluding impairment, increased to $17.8 million from $14.1 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $6.9 million for the period, compared to $5.0 million a year ago. Bad debt expense of $0.6 million decreased from $1.0 million a year ago.

    Net income in the fourth quarter of 2024 was $23.8 million versus net income of $5.4 million a year ago, with the improvement primarily due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2024 were $0.60 and 25%, respectively. Adjusted EPS for the fourth quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.79 per share. Total Adjusted EBITDA was $37.4 million for the fourth quarter of 2024 compared to $14.1 million in the prior-year period. Adjusted EBITDA Margin of 40% was up 17 percentage points in the quarter.

    Liquidity and Capital Resources
    As of December 31, 2024, the Company had cash and cash equivalents of $58.0 million. We had an unused line of credit of $74.8 million as of December 31, 2024. Total outstanding term note payable balance was $93.1 million as of December 31, 2024.

    On January 8, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”) providing for an aggregate $300 million term notes payable (the “2025 Initial Term Loan”) and $75 million revolving credit facility (the “2025 Revolving Credit Facility”). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaces the existing Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated.

    On January 9, 2025, Goosehead Financial, LLC (“GF”) declared a special distribution of $175 million, which was paid in cash on January 31, 2025 to holders of record of LLC Units, including to GSHD, as of the close of business on January 21, 2025. The special distribution resulted in a payment of $59 million to our non-controlling interest holders. On January 9, 2025, the board of directors of the Company declared a one-time special cash dividend of $5.91 to all holders of Class A common stock of GSHD as of the close of business on January 21, 2025, which was paid in cash on January 31, 2025 for a total of $146 million. $1.22 of the special cash dividend was funded by cash received by GSHD from prior tax distributions from GF that are in excess of the corporate income taxes payable by GSHD. The remaining $4.69 of the special dividend was funded by the cash received by the Company from the special distribution by GF.

    2025 Outlook
    Our guidance for the full year 2025 is as follows:

    • Total written premiums placed are expected to be between $4.65 billion and $4.88 billion representing 22% organic growth on the low end of the range, and 28% organic growth on the high end of the range.
    • Total revenues are expected to be between $350 million and $385 million representing 11% organic growth on the low end of the range and 22% organic growth on the high end of the range.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com 

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Commissions and agency fees   $ 50,277     $ 27,424     $ 139,059     $ 116,061  
    Franchise revenues     43,438       35,282       174,514       143,772  
    Interest income     207       308       932       1,443  
    Total revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits     45,044       38,803       172,942       152,604  
    General and administrative expenses     17,833       14,092       67,069       62,111  
    Bad debts     556       1,009       2,901       4,361  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Total operating expenses     66,072       56,331       253,365       228,320  
    Income from operations     27,850       6,683       61,140       32,956  
    Other Income:                
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Other income (expense)     (1,359 )     —       (7,101 )     —  
    Income before taxes     24,681       5,172       46,700       26,388  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Net Income     23,822       5,423       49,113       23,696  
    Less: net income attributable to non-controlling interests     8,968       1,803       18,688       9,556  
    Net Income attributable to Goosehead Insurance, Inc.   $ 14,855     $ 3,620     $ 30,425     $ 14,140  
    Earnings per share:                
    Basic   $ 0.60     $ 0.15     $ 1.23     $ 0.59  
    Diluted   $ 0.57     $ 0.14     $ 1.15     $ 0.55  
    Weighted average shares of Class A common stock outstanding:                
    Basic     24,562       24,688       24,657       23,929  
    Diluted     38,399       25,516       38,301       38,356  
                                     


    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 18,171     $ 17,335     $ 74,938     $ 70,730  
    Renewal Royalty Fees(2)     34,990       27,180       138,942       107,524  
    New Business Commissions(1)     5,997       5,512       24,608       23,411  
    New Business Royalty Fees(2)     6,725       5,349       27,122       23,168  
    Agency Fees(1)     2,091       1,532       8,127       8,174  
    Total Core Revenue     67,974       56,908       273,737       233,007  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,332       2,458       6,620       11,238  
    Interest Income     207       308       932       1,443  
    Total Cost Recovery Revenue     1,539       2,766       7,552       12,681  
    Ancillary Revenue:                
    Contingent Commissions(1)     24,018       3,045       31,385       13,746  
    Other Franchise Revenues(2)     391       296       1,831       1,843  
    Total Ancillary Revenue     24,409       3,340       33,216       15,588  
    Total Revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     38,155       33,765       144,971       128,615  
    General and administrative expenses, excluding impairment     17,833       14,092       66,723       58,483  
    Bad debts     556       1,009       2,901       4,361  
    Total     56,544       48,866       214,594       191,459  
    Adjusted EBITDA     37,378       14,148       99,911       69,817  
    Adjusted EBITDA Margin     40 %     22 %     32 %     27 %
                     
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Depreciation and amortization     (2,639 )     (2,427 )     (10,453 )     (9,244 )
    Tax (expense) benefit     (859 )     252       2,413       (2,692 )
    Equity-based compensation     (6,889 )     (5,038 )     (27,971 )     (23,989 )
    Impairment expense     —       —       (347 )     (3,628 )
    Other Income (expense)     (1,359 )     —       (7,101 )     —  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Net Income Margin     25 %     9 %     16 %     9 %

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.

    Goosehead Insurance, Inc.
    Consolidated Balance Sheets
    (Unaudited) 
    (In thousands, except par value amounts)

        December 31,
          2024     2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 54,280   $ 41,956
    Restricted cash     3,693     2,091
    Commissions and agency fees receivable, net     31,375     12,903
    Receivable from franchisees, net     11,077     9,720
    Prepaid expenses     8,139     7,889
    Total current assets     108,564     74,559
    Receivable from franchisees, net of current portion     3,469     9,269
    Property and equipment, net of accumulated depreciation     24,101     30,316
    Right-of-use asset     37,420     38,406
    Intangible assets, net of accumulated amortization     25,075     17,266
    Deferred income taxes, net     193,478     181,209
    Other assets     5,546     3,867
    Total assets   $ 397,653   $ 354,892
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 22,894   $ 16,398
    Premiums payable     3,693     2,091
    Lease liability     6,535     8,897
    Contract liabilities     3,275     4,129
    Note payable     10,063     9,375
    Total current liabilities     46,460     40,890
    Lease liability, net of current portion     54,536     57,382
    Note payable, net of current portion     82,251     67,562
    Contract liabilities, net of current portion     15,191     22,970
    Liabilities under tax receivable agreement     160,142     149,302
    Total liabilities     358,580     338,106
    Total equity     39,073     16,786
    Total liabilities and equity   $ 397,653   $ 354,892

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

      Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
        2024     2023     2024     2023
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276
                   
    Core Revenue:              
    Renewal Commissions(1) $ 18,171   $ 17,335   $ 74,938   $ 70,730
    Renewal Royalty Fees(2)   34,990     27,180     138,942     107,524
    New Business Commissions(1)   5,997     5,512     24,608     23,411
    New Business Royalty Fees(2)   6,725     5,349     27,122     23,168
    Agency Fees(1)   2,091     1,532     8,127     8,174
    Total Core Revenue   67,974     56,908     273,737     233,007
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,332     2,458     6,620     11,238
    Interest Income   207     308     932     1,443
    Total Cost Recovery Revenue   1,539     2,766     7,552     12,681
    Ancillary Revenue:              
    Contingent Commissions(1)   24,018     3,045     31,385     13,746
    Other Franchise Revenues(2)   391     296     1,831     1,843
    Total Ancillary Revenue   24,409     3,340     33,216     15,588
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Interest expense     1,810       1,511       7,339       6,568  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Equity-based compensation     6,889       5,038       27,971       23,989  
    Impairment expense     —       —       347       3,628  
    Other (income) expense     1,359       —       7,101       —  
    Adjusted EBITDA   $ 37,378     $ 14,148     $ 99,911     $ 69,817  
    Net Income Margin(1)     25 %     9 %     16 %     9 %
    Adjusted EBITDA Margin(2)     40 %     22 %     32 %     27 %

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($23,822/$93,922) and ($5,423/$63,014) for the three months ended December 31, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($49,113/$314,505) and ($23,696/$261,276) for the twelve months ended December 31, 2024 and 2023
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($37,378/$93,922), and ($14,148/$63,014) for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($99,911/$314,505), and ($69,817/$261,276) for the twelve months ended December 31, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024     2023     2024     2023
    Earnings per share – basic (GAAP)   $ 0.60   $ 0.15   $ 1.23   $ 0.59
    Add: equity-based compensation(1)     0.19     0.13     0.75     0.64
    Add: impairment expense(2)     —     —     0.01     0.10
    Adjusted EPS (non-GAAP)   $ 0.79   $ 0.28   $ 1.99   $ 1.33

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.9 million/(24.6 million + 12.7 million)] for the three months ended December 31, 2024 and [$5.0 million/ (24.7 million + 13.2 million)] for the three months ended December 31, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$28.0 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$24.0 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$3.6 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023. No impairment was recorded for the three months ended December 31, 2024 nor the three months ended December 31, 2023.


    Goosehead Insurance, Inc.
    Key Performance Indicators

        December 31, 2024   December 31, 2023
    Corporate sales agents < 1 year tenured     253       135  
    Corporate sales agents > 1 year tenured     164       165  
    Operating franchises < 1 year tenured     90       183  
    Operating franchises > 1 year tenured     1,013       1,043  
    Total Franchise Producers     2,092       1,957  
    QTD Corporate Agent Productivity < 1 Year (1)   $ 12,787     $ 13,789  
    QTD Corporate Agent Productivity > 1 Year (1)   $ 26,788     $ 25,738  
    QTD Franchise Productivity < 1 Year (2)   $ 17,861     $ 10,975  
    QTD Franchise Productivity > 1 Year (2)   $ 29,089     $ 21,103  
    Policies in Force     1,674,000       1,486,000  
    Client Retention     84 %     86 %
    Premium Retention     98 %     101 %
    QTD Written Premium (in thousands)   $ 965,596     $ 756,082  
    Net Promoter Score (“NPS”)     89       92  

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network –