NewzIntel.com

Category: CTF

  • MIL-OSI Security: U.S. Marshals Arrest Woman in Florida Wanted for Money Laundering in Texas Since 2015

    Source: US Marshals Service

    Corpus Christi, TX – On May 16, 2025, the Cold Case Unit of the U.S. Marshals Service, Gulf Coast Violent Offenders and Fugitive Task Force – Corpus Christi Division and the Florida/Caribbean Regional Fugitive Task Force (FCRFTF) joined to arrest Olga Escamilla for Failure to Appear on a Money Laundering charge originating in Kenedy County, Texas.

    On September 19, 2012, Escamilla was indicted for Money Laundering, involving a sum between $20,000 and $100,000, by a Grand Jury in Kleberg County, Texas. While on bond, Escamilla fled to Mexico.

    On June 19, 2015, the 105th Judicial District Court for Kenedy County, Texas issued a fully extraditable arrest warrant for Failure to Appear, involving the Money Laundering charge.

    Utilizing various investigative methods, along with working with multiple law enforcement partners, the Cold Case Unit was able to determine Escamilla’s location. Investigators collaborated with senior inspectors assigned to the FCRFTF, who arrested Escamilla in Florida.

    The Cold Case Unit was formed to devote specialized investigative efforts to capturing fugitives who have been on the run for several years. The United States Marshals Service is committed to expediently investigating the locations of, and ultimately apprehending, fugitives regardless of how many years they have been on the run.

    The U.S. Marshals led Gulf Coast Violent Offenders Task Force with base in Corpus Christi, Texas, is integrated by remarkable agents from Texas Department of Public Safety, Nueces County Sheriff’s Office, Aransas County Sheriff, Texas Department of Criminal Justice, Corpus Christi Police Department, U.S. Immigration and Customs Enforcement, Kleberg County Attorney Office and other partner federal agencies that work together for the protection of our communities.

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  • MIL-OSI Security: U.S. Attorney’s Office recovers approximately $450,000 for victims of Missoula fraudster

    Source: Office of United States Attorneys

    BILLINGS  — The U.S. Attorney’s Office recently recovered approximately $450,000 from a Missoula man who defrauded his victims out of almost $1 million by fraudulently inducing them to invest in his transportation and logistics companies, U.S. Attorney Kurt Alme said today.

    The defendant, Jason L. Matheny, was convicted of wire fraud under 18 U.S.C. § 1343 on November 22, 2019. The court sentenced him to five years of probation, subject to several conditions, and ordered him to pay $994,521.16 in restitution to his victims. In late 2024, Matheny sold a commercial property in Missoula and, because of its restitution lien, the government secured $448,965.36 to be paid to his victims.

    “The collection of restitution for victims of fraud is an essential part of the criminal justice system and a priority for the Department of Justice. Collection from convicted felons can be exceedingly difficult because money is often spent, invested, and moved around. Through the dedication and hard work of the Financial Litigation Program, the U.S. Attorney’s Office was able to execute against Mr. Matheny’s business property. This allowed the proceeds of that sale to be routed to Mr. Matheny’s victims rather than to him.” U.S. Attorney Alme said.

    In September 2024, U.S. Probation requested a summons for revocation of Matheny’s term of probation, alleging he had violated the terms of his sentence by failing to provide requested financial information. Matheny admitted the violation in November 2024 and the Court extended his probation for an additional year.

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  • MIL-OSI Security: Jamestown man going to prison for selling meth

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Richard S. Dean, 49, of Jamestown, NY, who was convicted of conspiring to possess with intent to distribute, and distributing, 500 grams of methamphetamine, was sentenced to serve 70 months in prison by U.S. District Judge Richard J. Arcara.

    Assistant U.S. Attorney Joshua A. Violanti, who handled the case, stated that the defendant was a drug trafficking associate of co-defendant Douglas Beardsley. During the conspiracy, Dean would go over to Beardsley’s residences on Linden and Forest Avenues in Jamestown several times a week and pick up ounces of methamphetamine and grams of heroin to sell for Beardsley. At times, Beardsley would “front” the narcotics to the defendant to sell. Dean and Beardsley would often communicate about their drug trafficking, including through their Facebook accounts.

    On January 6, 2019, local law enforcement observed a suspicious male, later identified as the defendant. Dean became evasive and ran from officers. Shortly thereafter, the defendant was taken into custody and arrested on an outstanding warrant. Dean was transported to the Jamestown City jail where a subsequent search revealed that he possessed methamphetamine, heroin, plastic baggies, a digital scale, and Dimethyl Sulfone, a common cutting agent for methamphetamine. On March 21, 2019, the defendant pleaded guilty in Chautauqua County Court to Criminal Possession Controlled Substance-5th: Intent To Sell and Criminal Sale Controlled Substance-5th Degree.

    Douglas Beardsley was previously convicted and sentenced to serve 176 months in prison.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The sentencing is the result of an investigation by the Bureau of Alcohol, Tobacco, Firearms, and Explosives, under the direction of Special Agent-in-Charge Bryan Miller, New York Field Division; the Drug Enforcement Administration, under the direction of Special Agent-in-Charge Frank Tarentino, New York Field Division; and the Jamestown Police Department, under the direction of Chief Timothy Jackson.

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  • MIL-OSI Security: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

    Source: Office of United States Attorneys

    MIAMI – Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

    On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

    On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender. 

    Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

    FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

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  • MIL-OSI Security: Three time convicted federal felon sentenced for wire fraud

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Steven D. Blumhagen, 74, of Buffalo, NY, who was convicted of wire fraud, was sentenced to serve five years in prison by U.S. District Judge John L. Sinatra, Jr.

    Assistant U.S. Attorney Paul E. Bonanno, who handled the case, stated that between April 2016, and January 2020, Blumhagen defrauded three investors out of $400,000, by soliciting the victims to purchase interests in entities he claimed to own, manage, or control. Blumhagen told victims that their investments would enable those entities to finance legal marijuana operations, real estate developments, and an investment technology, and that they could expect significant returns on their investments. Instead of using the money as promised, Blumhagen used some or all of the money for personal expenses. He also used the investment of one victim to pay back previous victims. Part of the scheme involved a limited liability company allegedly owned by Blumhagen’s children, which they knew nothing about.

    As a result of the scheme, at least one victim experienced a substantial financial hardship, withdrawing funds from a retirement account, resulting in substantial penalties.

    Blumhagen has two prior federal convictions in the Western District of New York. In 2006, he pleaded guilty to conspiracy to commit mail fraud for bilking investors out of more than $10,000,000 related to his sale of shares in the golf course project Tee-to-Green, and was sentenced to serve 57 months in prison and ordered to pay more than $10,000,000 in restitution. In 2018, Blumhagen pleaded guilty to bank theft for his involvement in a bond scheme, which raised more than $1,400,000 from potential investors. Blumhagen was sentenced to time served and ordered to pay more than $1,200,000 in restitution. Blumhagen was on pre-trial release for the bank theft charge when he committed the wire fraud.

    The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

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  • MIL-OSI Security: U.S. Attorney Charges Eastchester Man With Sexual Exploitation Of A Child And Receipt And Distribution Of Child Pornography

    Source: Office of United States Attorneys

    Jay Clayton, the United States Attorney for the Southern District of New York, announced today the arrest of THOMAS JAMES PUCCINI, 28.  PUCCINI is charged with the sexual exploitation of three minors and with receiving and distributing child pornography.  PUCCINI was arrested today and presented today before U.S. Magistrate Judge Judith C. McCarthy in White Plains federal court and detained.

    “Thomas James Puccini’s alleged crimes are every parent’s nightmare,” said U.S. Attorney Jay Clayton. “Puccini, a football coach, held himself out as a trusted member of his school community, yet he was preying on our most innocent and vulnerable. The women and men of the Southern District will use every tool available to bring to justice those who exploit our children.”

    HSI New York Acting Special Agent in Charge James Manning said: “As alleged, the defendant violated parents’ and students’ trust through his vile acts against children. A wolf in sheep’s clothing, he worked closely with kids and teenagers nearly every day, all allegedly while hiding his shameful dark side of exploitation, and committing crimes against the same minors placed under his care. The abhorrent crimes of which he is accused have no place in our society, and I commend HSI New York’s Hudson Valley investigators, alongside our law enforcement partners, for placing the safety of vulnerable New Yorkers above all else.”

    Westchester County District Attorney Susan Cacace said: “For months, our criminal investigators worked hard to build the strongest possible case against the defendant, and today’s federal charges are the product of these efforts. I extend my thanks to U.S. Attorney for the Southern District of New York Jay Clayton for his collaboration and partnership on this case. Our office will continue to assist S.D.N.Y. throughout all phases of Mr. Puccini’s prosecution.”

    As alleged in the Complaint filed on May 20, 2025 in White Plains federal court and statements made in court[1]:

    THOMAS JAMES PUCCINI worked as a football coach for a high school (“School-1”) in Westchester County. In July of 2024, PUCCINI became the interim athletic director for the school district in which the high school was located. 

    Victim-1:  In November 2021, Victim-1, who was 17 years old and a student at School-1, was contacted by a Snapchat account with the name “alex_fundi2.”  Victim-1 received a nude image of a female from “alex_fundi2” and believed that he was communicating with a female.  “She” told him that she knew him and went to School-1. Victim-1 sent “her” nude photos of himself, including photos showing his penis. After sending images for approximately a week or two, Victim-1 blocked the “alex_fundi2” account.  Then, Victim-1 received messages from a CashApp account (“CashTag-1”) directing Victim-1 to add “alex_fundi2” back. The messages stated, among other things, “I have your pics and vids,” and told Victim-1 to “add me or I send your pics.”  Victim-1 unblocked “alex_fundi2” and sent “alex_fundi2” sexually explicit images of Victim-1. 

    Victim-1 continued to send sexually explicit images to “alex_fundi2” until in or about 2023, when Victim-1 was a freshman in college. 

    The user of CashTag-1 provided CashApp with the name “Thomas Puccini,” PUCCINI’s date of birth, and PUCCINI’s address in Westchester. Records from Snapchat relating to the “alex_fundi2” account show that an IP address that returned to PUCCINI’s residence in Westchester County was used over 13,000 times to access the “alex_fundi2” account. Further, the “alex_fundi2” account is associated with an email that begins with “puccini01” and ends in “.edu.”

    Victim-2: Victim-2 and other middle-schoolers used School-1’s weight room to prepare for Junior Varsity football. PUCCINI supervised them in the weight room. Beginning when Victim-2 was 13 years old and in eighth grade, PUCCINI communicated with Victim-2 through Snapchat, using a Snapchat account with the user name, “tommytutts66,” and requested that Victim-2 take and send PUCCINI photos and videos of Victim-2’s penis.  PUCCINI also sent Victim-2 photos of his penis. PUCCINI specified exactly what he wanted Victim-2 to show him, and, based on his instructions, Victim-2, on numerous occasions, took and sent PUCCINI photos and videos showing various angles of Victim-2’s penis, showing Victim-2 masturbating, showing Victim-2 “finishing” (i.e., ejaculating) with the audio on, and showing Victim-2 laying with his semen on his chest. On numerous occasions, at PUCCINI’s request, PUCCINI and Victim-2 would “race” to see who could masturbate to ejaculation first. The winner would have to send a video or photo capturing the “finish.” 

    A search warrant executed at PUCCINI’s residence on November 1, 2024 resulted in the seizure of, among other things, PUCCINI’s desktop computer. The computer contained an iCloud backup with approximately 8000 messages to or from Victim-2 between January 2017 and December 2020.  In hundreds of these messages, PUCCINI referred to masturbating, to Victim-2’s penis, and/or requested that Victim-2 take and send him photos of his penis.

    Victim-3: Victim-3, who was 16 years old, and “alex_fundi2” communicated via Snapchat in 2023.  Victim-3 took and transmitted sexually explicit images to “alex_fundi2” in exchange for the promise of expensive gifts.  On January 10, 2023, at approximately 11:24 p.m., “alex_fundi2” told Victim-3, “If I send you for the jacket, I’m going to need you to send those 2 vids and then…. As many vids as I want and of anything that I want until Monday.”  At 11:25 p.m., Victim-3 responded, “monday” and “jesus” and “and as long as it doesn’t involve ass stuff.” Thereafter, Victim-3 transmitted numerous files to “alex_fundi2” containing sexually explicit images of Victim-3.

    Victim-4: Victim-4 and “alex_fundi2” communicated via Snapchat in 2023.  Victim-4 told “alex_fundi2” that he was 18 years old and “alex_fundi2” told Victim-4 that he was similarly aged.  “Alex_fundi2” asked Victim-4 for sexually explicit images of Victim-4 when he was 15 or 16.  On June 11, 2023, at approximately 1:50 p.m., Victim-4 transmitted a sexually explicit photo and a sexually explicit video of Victim-4 to “alex_fundi2.”  In both the photo and video, Victim-4 was 15. 

    In November 2024, PUCCINI was charged in Westchester County, New York with Grand Larceny in the Fourth Degree.

    On an occasion in February 2022, the “alex_fundi2” account engaged in a conversation with a user (“User-1”) on Snapchat and asked, “Can I give you a snapchat to add and you try to get pics/vids from the account?” User-1 told “alex_fundi2,” “Sure” and “I don’t mind being yo undercover bud.” Thereafter, “alex_fundi2” transmitted a Snapchat user name to User-1.  The Snapchat user name belonged to a student who had attended School-1 from 2015 to 2019.  PUCCINI’s desk top computer contained thousands of messages with that student from in or about August 2015 to September 2020. Many of the messages contained requests for sexually explicit images from the student.         

    PUCCINI changed the display name of the “alex_fundi2” account on multiple occasions and the various display names he used included, Young & Horny,” “Young NY Vers Bottom Horny,” “Zach,” “Alexandra Fundi,” “Alex Fundi,” “Horny Twink,” and “zach _parker0.”

    There may be more victims of this alleged conduct. If you have information to report or you had contact with the Snapchat accounts, “alex_fundi2,” “tommytuts66,” or any of the display names described above contact Homeland Security Investigations through its toll-free Tip Line at 1-866-DHS-2-ICE or by completing its online tip form.  Both are staffed around the clock by investigators. From outside the U.S. and Canada, callers should dial 802-872-6199.  Hearing-impaired users can call TTY 802-872-6196.

    *                *                *

    PUCCINI, 28, of Eastchester, New York is charged in Counts One, Two and Three with sexual exploitation of a minor. Counts One, Two and Three each carry a maximum sentence of thirty years’ imprisonment and a mandatory minimum of fifteen years’ imprisonment. Count Four carries a maximum of twenty years’ imprisonment and a mandatory minimum of five years. The statutory maximum sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 

    Mr. Clayton praised the efforts of Homeland Security Investigations, the Westchester County District Attorney’s Office, the Westchester County Police Department, the Eastchester Police Department, the Rockland Police Department, the Lake Forest Police Department, and the Cullman County Sheriff’s Office. 

    The prosecution is being handled by the Office’s White Plains Division. Assistant United States Attorney Marcia S. Cohen is in charge of the prosecution.   

    [1] As the introductory phrase signifies, the entirety of the text of the Complaint and the description of the Complaint set forth herein constitute only allegations, and every fact described should be treated as an allegation.

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  • MIL-OSI Security: Former Defense Contractor Pleads Guilty to Tax Crimes

    Source: Office of United States Attorneys

    Defendant Admits to Concealing 50% Ownership of $7B Defense Contracting Business to Evade Taxes

               WASHINGTON – Douglas Edelman, 73, a former defense contractor, pleaded guilty today to tax crimes related to a scheme to defraud the United States and evade taxes on income he earned from his contracts with the U.S. Department of Defense.

               The sentence was announced U.S. Attorney Jeanine Ferris Pirro, Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, and Special Agent in Charge Kareem A. Carter with IRS-Criminal Investigation (IRS-CI) Washington, D.C. Field Office. 

               Edelman pleaded guilty to 10 felony counts: conspiracy to defraud the United States, seven counts of tax evasion, and two counts of making a false statement.  U.S. District Court Judge Colleen Kollar-Kotelly scheduled a hearing on issues related to sentencing on Nov. 17, 2026. Trial on the remaining counts of the indictment will be in 2026.

               According to court documents and statements made in court, Edelman founded and owned 50% of Mina Corp. and Red Star Enterprises (Mina/Red Star), a defense contracting business that received more than $7 billion from contracts with the U.S. Department of Defense to provide jet fuel in the United States’ post-9/11 military efforts in Afghanistan and the Middle East. 

               Working with others, Edelman engaged in a lengthy scheme to hide his Mina/Red Star profits to evade U.S. taxes, including by concealing his income in undisclosed foreign bank accounts, creating false documents and making false statements that one of his co-conspirators — a French citizen residing abroad and without U.S. tax obligations — founded and owned Mina/Red Star. 

               For example, when the company became profitable in 2005, Edelman began taking distributions which he deposited into Swiss bank accounts, primarily at Credit Suisse, in the name of other companies he owned. In 2008, Credit Suisse informed Edelman that he had to either close his accounts or disclose them to U.S. authorities. Rather than come into compliance with his tax and reporting obligations, Edelman closed his accounts and opened new ones at Bank Julius Baer in Singapore in the name of a nominee entity, the beneficiaries of which were purportedly Edelman’s daughters. He then directed the subject income he earned from Mina/Red Star to those bank accounts. 

               In 2010 the U.S. House of Representatives Committee on Oversight and Government Reform’s Subcommittee on National Security and Foreign Affairs began investigating allegations of corruption in connection with Mina/Red Star’s contracts with the Department of Defense. As part of this inquiry, the subcommittee became interested in the identity of Mina/Red Star’s owners. At this time, Edelman had not filed U.S. tax returns to report the millions of dollars he had earned from Mina/Red Star and had not paid U.S. taxes on his income. 

               Rather than disclose his ownership, Edelman caused his attorneys to tell Congress a false story that a French co-conspirator who had no U.S. tax or reporting obligations founded and co-owed Mina/Red Star with another individual. To corroborate the false story, Edelman and a co-conspirator caused false and backdated paperwork to be created. 

               To continue the scheme, Edelman conveyed the false story about Mina/Red Star’s ownership to other arms of the U.S. government, including to the Department of Defense during contract negotiations in 2010 and 2011, to the IRS in a 2016 application to the Offshore Voluntary Disclosure Program, and to the Justice Department in a 2018 presentation. 

               In conjunction with his 2016 application to the IRS’s Voluntary Disclosure Program, Edelman filed false tax returns for several prior years that only reported income from gifts or purported consulting payments, continuing to conceal the millions he had earned from his company. On the returns, he also concealed profits he had earned from a separate business to provide internet service to members of the armed forces at Kandahar Air Base in Afghanistan. 

               Instead of paying the taxes that he knew he owed, Edelman used the money to fund his lifestyle and additional investments. He invested in a music television franchise in Eastern Europe, a land venture in Tulum, Mexico, and a farm in Kenya, and purchased property around Europe, including a home in Ibiza, Spain, and a townhouse in London.

               Edelman faces a maximum penalty of five years in prison for each of the 10 counts to which he has pleaded. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

               This case is being investigated by special agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., that is dedicated to uncovering international tax crimes, along with the Special Inspector General for Afghanistan Reconstruction. The Justice Department’s Office of International Affairs assisted in the investigation. His Majesty’s Revenue & Customs of the United Kingdom also provided assistance, as did the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States. The Guardia Civil of Spain assisted with the arrest. 

               This case is being prosecuted by Assistant U.S. Attorney Joshua Gold for the District of Columbia and Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division.

    24cr239

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  • MIL-OSI Security: Student Pilot in Highway 76 Emergency Plane Landing Sentenced to 30 Months for Drug Trafficking

    Source: Office of United States Attorneys

    SAN DIEGO – Troy Othneil Smith, a student pilot whose drug trafficking activity was discovered when his plane was forced to make an emergency landing on State Route 76 in Oceanside last fall, was sentenced in federal court today to 30 months in prison.

    Smith pleaded guilty in January to two counts of possession of cocaine with intent to distribute – one count in connection with the emergency landing that occurred around 1:39 a.m. on September 26, 2024 and his attempt to hide a package of cocaine from responding officers; and the other in connection with Smith’s mailing of cocaine through the United States Postal Service in 2023.

    In his plea agreement, Smith also admitted to relevant conduct discovered during the course of the investigation of at least two other occasions wherein Smith mailed cocaine through the U.S. Postal Service.

    “Aviation privileges come with immense responsibility,” said U.S. Attorney Adam Gordon. “When those privileges are abused to facilitate drug trafficking, it undermines public safety and the trust placed in those who operate in our skies. We remain committed to working with our partners to detect, disrupt, and prosecute this kind of criminal activity wherever it occurs.”

    This case is being prosecuted by Assistant U.S. Attorneys Lyndzie M. Carter and Joseph Orabona.

    DEFENDANT                                               Case Number 24-MJ-03788                                     

    Troy Othneil Smith                                         Age: 36                                   Oceanside, CA

    SUMMARY OF CHARGES

    Possession of Cocaine with the Intent to Distribute– Title 21, U.S.C., Section 841(a)(1)

    Maximum penalty: Twenty years in prison and $1 million fine

    INVESTIGATING AGENCIES

    Drug Enforcement Administration

    United States Postal Inspectors

    San Diego Field Division Narcotics Task Force Team 6

    North County Narcotics Task Force

    Oceanside Police Department

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  • MIL-OSI Security: Texas Doctor Who Falsely Diagnosed Patients Sentenced to 10 Years’ Imprisonment in Connection with $118M in Fraudulent Health Care Claims

    Source: Office of United States Attorneys

    A Texas rheumatologist was sentenced to 10 years in prison and three years of supervised release for perpetrating a health care fraud scheme involving over $118 million in false claims and the payment of over $28 million by insurers as a result of him falsely diagnosing patients with chronic illnesses to bill for tests and treatments that the patients did not need. Jorge Zamora-Quezada M.D., 68, of Mission, also falsified patient records to support the false diagnoses after receiving a federal grand jury subpoena. Following a 25-day trial, Zamora-Quezada was convicted of one count of conspiracy to commit health care fraud, seven counts of health care fraud, and one count of conspiracy to obstruct justice. In addition to his prison term, Zamora-Quezada was ordered to forfeit $28,245,454, including 13 real estate properties, a jet, and a Maserati GranTurismo.

    According to the evidence presented at trial, Zamora-Quezada falsely diagnosed his patients with rheumatoid arthritis and administered toxic medications in order to defraud Medicare, Medicaid, TRICARE, and Blue Cross Blue Shield. The fraudulent diagnoses made the defendant’s patients believe that they had a life-long, incurable condition that required regular treatment at his offices. After falsely diagnosing his patients, Zamora-Quezada administered unnecessary treatments and ordered unnecessary testing on them, including a variety of injections, infusions, x-rays, MRIs, and other procedures—all with potentially harmful and even deadly side effects. To receive payment for these expensive services, Zamora-Quezada fabricated medical records and lied about the patients’ condition to insurers.

    “Dr. Zamora-Quezada funded his luxurious lifestyle for two decades by traumatizing his patients, abusing his employees, lying to insurers, and stealing taxpayer money,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “His depraved conduct represents a profound betrayal of trust toward vulnerable patients who depend on care and integrity from their doctors. Today’s sentence is not just a punishment—it’s a warning. Medical professionals who harm Americans for personal enrichment will be aggressively pursued and held accountable to protect our citizens and the public fisc.”

    “Through the false diagnoses and excessive false billing, Dr. Zamora-Quezada abused both patient trust and public resources,” said Special Agent in Charge Jason E. Meadows of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “It is imperative to investigate and address this form of fraud — not only to protect vulnerable individuals from harm but to uphold the integrity of the federal health care system and safeguard the use of public funds.”

    “The FBI is dedicated to working with all of our partners to address health care fraud,” said Special Agent in Charge Aaron Tapp of the FBI’s San Antonio Field Office. “This case was not only a concern to us because of the financial loss — the physical and emotional harm suffered by the patients and their families was alarming and profound. We hope this significant sentence will help bring closure to the many victims in this case.”

    Evidence at trial established that Dr. Zamora-Quezada falsely diagnosed patients in order to defraud insurers and enrich himself. Other rheumatologists in the Rio Grande Valley testified at trial that they saw hundreds of patients previously diagnosed with rheumatoid arthritis by Zamora-Quezada who did not have the condition, prompting one physician to explain that for “most” it was “obvious that the patient did not have rheumatoid arthritis.” Zamora-Quezada’s false diagnoses and powerful medications caused debilitating side effects on his patients, including strokes, necrosis of the jawbone, hair loss, liver damage, and pain so severe that basic tasks of everyday life, such as bathing, cooking, and driving, became difficult. As one patient testified, “Constantly being in bed and being unable to get up from bed alone, and being pumped with medication, I didn’t feel like my life had any meaning.” One mother described how she felt that her child served as a “lab rat,” and others described abandoning plans for college or feeling like they were “living a life in the body of an elderly person.”

    Former employees detailed how Zamora-Quezada imposed strict quotas for procedures, leading to a climate of fear. Zamora-Quezada referred to himself as the “eminencia” — or eminence, threw a paperweight at an employee who failed to generate enough unnecessary procedures, hired employees he could manipulate because they were on J-1 visas and their immigration status could be jeopardized if they lost their jobs, and fired those who challenged him. Testimony also revealed Zamora-Quezada’s obstruction of insurer audits by fabricating missing patient files, including by taking ultrasounds of employees and using those images as documentation in the patient records. Testimony at trial established that Zamora-Quezada told employees to “aparecer” the missing records — “to make them appear.” Former employees also recounted being sent to a dilapidated barn to attempt to retrieve records. There, files were saturated with feces and urine, rodents, and termites that infested not only the records but also the structure.

    Zamora-Quezada’s patient file storage facility

    Zamora-Quezada used proceeds from his crimes to fund a lavish lifestyle, replete with real estate properties across the country and in Mexico, a jet, and a Maserati.

    One of Zamora-Quezada’s luxury properties

    Zamora-Quezada’s jet

    FBI, HHS-OIG, Texas HHS-OIG, and the Texas Medicaid Fraud Control Unit investigated the case, with assistance from the Defense Criminal Investigative Service.

    Principal Assistant Chief Jacob Foster and Assistant Chiefs Rebecca Yuan and Emily Gurskis of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Laura Garcia for the Southern District of Texas prosecuted the case. Assistant U.S. Attorney Kristine Rollinson handled asset forfeiture. Fraud Section Assistant Chief Kevin Lowell initially handled the prosecution. The prosecution team thanks the Fraud Section’s Data Analytics Team, whose work initiated the investigation, Victim Witness Specialist Olga De La Rosa of the U.S. Attorney’s Office for the Southern District of Texas, and the Texas Department of Insurance.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI Security: Jury convicts home health agency owner in Medicare fraud and identity theft scheme

    Source: Office of United States Attorneys

    HOUSTON – A 64-year-old man has been convicted of all counts as charged for leading a Medicare fraud scheme involving the submission of falsified medical records, announced U.S. Attorney Nicholas J. Ganjei.  

    The jury deliberated for less than two hours before convicting Paul Njoku following a three-day trial. 

    Njoku owned and operated a home health care agency called Opnet Health Care Services Inc. doing business as P & P Health Care Services. Njoku was the owner and CEO. 

    The jury heard testimony from witnesses that Njoku, or others working at his direction, forged signatures of doctors and nurses. Specifically, Njoku and others cut out old signatures and taped them onto newly created doctors’ orders, nursing notes and nursing assessments. Medicare required home health agencies to maintain these documents to obtain payment for providing home health services. Njoku then submitted the falsified records in response to a request for records from Medicare. 

    The jury also heard about a registered nurse who had departed Opnet in 2017. Njoku continued using her signature on nursing notes and assessments in 2018 and 2019 without her knowledge or consent. 

    A witness also testified that Njoku bribed a doctor in exchange for approving home health services. 

    From 2015 to 2019, Opnet billed Medicare over $400,000 in claims for home health services and received over $360,000. Opnet did not maintain the required documentation for many of them and later falsified records to support the claims.

    During the trial, a representative testified that Medicare would not have paid these claims had Medicare known there was no documentation or that they were based on falsified records. 

    “It is absolutely paramount that Americans—both as patients and as taxpayers—have confidence in the integrity of medical providers that receive Medicare funds. Here, the defendant unrepentantly abused that trust by engaging in bribery and stealing from Medicare,” said Ganjei. “With today’s guilty verdict, the Southern District of Texas aims to restore some of that lost trust. I thank the jury for their time and attention to this important case.”

    The defense attempted to blame another person for the fraud. The jury did not believe those claims and found him guilty as charged.

    U.S. District Judge Alfred H. Bennett presided over the trial and will set sentencing at a later date. At that time, Njoku will face a maximum of 10 years for conspiracy to commit health care fraud, five years for two counts of false statements relating to health care matters as well as another two years for the identity theft which must be served consecutively to any other prison term imposed. The convictions also carry a possible $250,000 fine for each count.

    He was permitted to remain on bond pending sentencing.

    The FBI, Department of Health and Human Services-Office of the Inspector General and Texas Attorney General’s Medicaid Fraud Control Unit conducted the investigation. Assistant U.S. Attorneys Christian Latham and Kathryn Olson are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Chief Executive Officer of Digital Asset Company Found Guilty in Multi-Million Dollar Crypto-Fraud Scheme

    Source: Office of United States Attorneys

    Defendant Misappropriated Millions of Dollars of Investors’ Funds for His Own Use Including to Purchase Real Estate and Luxury Vehicles

    Earlier today, at the federal courthouse in Brooklyn, a federal jury convicted Braden John Karony on all counts of a three-count indictment charging him with conspiracy to commit securities fraud, wire fraud, and money laundering.  The charges arose from the defendant’s and his co-conspirators’ roles in defrauding investors in a decentralized finance digital asset called “SafeMoon,” issued by their company SafeMoon LLC.  As alleged, the defendant agreed with his co-conspirators to lie to SafeMoon investors about whether SafeMoon executives could access the liquidity pool and whether they were using the assets from the liquidity pool for their personal benefit.  As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of  liquidity from the SafeMoon liquidity pool for their personal benefit.  The verdict followed a 12-day trial before United States District Judge Eric R. Komitee.  When sentenced, Karony faces up to 45 years in prison.  The jury also issued a verdict to forfeit one residential property and the proceeds from the sale of another residential property, amounting to approximately $2 million.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York;   Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); and Darren B. McCormack, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the verdict. 

    “As proven at trial, the SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” stated United States Attorney Nocella.  “Karony used his scheme to purchase multiple homes, sports cars, custom trucks, and other luxury goods.  Today’s guilty verdict should serve as a warning to all would-be fraudsters that my Office will vigorously prosecute individuals like the defendant who victimize digital asset investors and undermine investor confidence in digital assets markets, thereby threatening the stability and growth of these emerging technologies.”

    Mr. Nocella expressed his appreciation to the U.S. Securities and Exchange Commission for its work on the case. 

    “Braden Karony, the CEO of SafeMoon, exploited his company’s digital portfolio with fictional success stories and stole millions of dollars in crypto-assets to finance luxury purchases,” stated FBI Assistant Director in Charge Raia.  “Along with his co-conspirators, Karony violated his clients’ trust and wallets while attempting to conceal his misconduct through discreet transactions.  May today’s conviction emphasize the FBI’s commitment to securing all markets and protecting the American people from individuals who abuse their position to satisfy personal greed.”

    “Braden Karony misled investors; intentionally diverted and misappropriated millions in cryptocurrency for his personal benefit; and lined the driveways of his million dollar homes with luxury cars.  While the name of his company is SafeMoon, there was nothing safe about this investment that was just a front for theft.  By following the money with complex cryptocurrency tracing, IRS-CI New York’s Cyber and J5 groups worked with our investigative partners to see that this conman is held accountable for his greedy acts,” stated IRS-CI New York Special Agent in Charge Chavis.  “The Joint Chiefs of Global Tax Enforcement (J5) is a global partnership that works together to gather information, share intelligence, and conduct coordinated operations against transnational financial crimes.  The J5 includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the U.S.”

    “Steered by his selfish desires and insatiable greed, Braden John Karony treated millions of dollars in investors’ funds as his own personal bank account,” stated HSI New York Acting Special Agent in Charge McCormack.  “The defendant will soon be trading his sprawling real estate and luxury vehicles for a jail cell within the four walls of a federal penitentiary.  As reflected by today’s conviction, whether it involves fiat or crypto, HSI New York’s El Dorado Task Force will relentlessly pursue individuals intent on exploiting investors and the American financial system for their own gain.”

    Background on SafeMoon

    As proven at trial, SafeMoon tokens were digital assets first issued in March 2021 by SafeMoon LLC on a public blockchain.  Through the operation of SafeMoon’s smart contract, every transaction in SafeMoon was automatically subject to a 10% tax, meaning, for example, that if a holder of SafeMoon transferred 10 SafeMoon to another user, 1 SafeMoon would automatically be retained from the transfer as a tax and the remaining 9 SafeMoon would be received by the other party.  As marketed to SafeMoon investors, the proceeds of SafeMoon’s 10% tax were split into two 5% tranches, the proceeds of which were supposed to benefit holders of SafeMoon in specific ways.  The first 5% tranche of the tax proceeds would be “reflected” back to, and distributed among, all SafeMoon holders in proportion to their current SafeMoon holdings and thereby increase the total quantity of SafeMoon held by every SafeMoon investor automatically.  The remaining 5% tranche of SafeMoon tax proceeds would be deposited into designated SafeMoon liquidity pools.  The larger the SafeMoon liquidity pool, the greater the liquidity in the market for SafeMoon.  In the months after its launch in March 2021, SafeMoon grew to have millions of holders and a market capitalization of more than $8 billion.

    The Defendants’ Fraudulent Scheme

    Karony and his co-conspirators misrepresented various material aspects of the SafeMoon offering to investors.  Such misrepresentations included that SafeMoon relied on “locked” liquidity pools that would automatically increase in size due to a 10% tax imposed on every SafeMoon transaction; that the “locked” SafeMoon liquidity pool prevented the defendants and other insiders at SafeMoon from being able to “rug pull”—a type of crypto fraud— SafeMoon investors by removing liquidity from the SafeMoon liquidity pool; that tokens in the liquidity pool would only be used for limited pre-defined business purposes, not personal enrichment; that the defendants would manually add token pairs to the SafeMoon liquidity pool when transactions of SafeMoon occurred on specific centralized exchanges; and that the developers were not and had not been holding and trading SafeMoon for their benefit.

    In reality, Karony and his co-conspirators retained access to the SafeMoon liquidity pools and used that access to intentionally divert and misappropriate millions of dollars’ worth of tokens for their personal benefit.  In addition, although they publicly denied that they personally held or traded SafeMoon, they repeatedly bought and sold SafeMoon, sometimes at the height of SafeMoon market price, which generated millions of dollars in profits.  Karony and his co-conspirators masked their movement of the fraudulent proceeds via numerous private un-hosted crypto wallet addresses, complex transaction routing, and pseudonymous centralized exchange accounts.  Karony acquired over $9 million in crypto assets from the scheme and used some of the proceeds to purchase luxury vehicles and real estate, including a $2.2 million home in Utah, additional homes in Utah and Kansas, a $277,000 Audi R8 sports car, another Audi R8, a Tesla, and custom Ford F-550 and Jeep Gladiator pickup trucks.

    Co-conspirator Thomas Smith previously pleaded guilty and is awaiting sentencing. Co-conspirator Kyle Nagy remains at large. 

    The government’s case is being handled by the Office’s Business and Securities Fraud Section.  Assistant United States  Attorneys Dana Rehnquist, Sara K. Winik, and Jessica K. Weigel are in charge of the prosecution, with assistance from Paralegal Specialists Asher Martin-Rosenthal and Madison Bates. Assistant United States Attorney Laura Mantell is handling forfeiture matters.

    The Defendant:

    BRADEN JOHN KARONY
    29
    Provo, Utah

    E.D.N.Y. Docket No. 23-CR-433 (EK)

    MIL Security OSI –

  • MIL-OSI Security: Houston Pharmacy Owner Sentenced to 19 Years in Prison for Illegal Distribution of Opioids and Tax Fraud

    Source: United States Attorneys General 7

    A Texas man was sentenced on Monday to 19 years in prison for unlawfully conspiring to distribute millions of opioid pills and aiding the falsification of tax records. 

    According to court documents, Christopher Obaze, 64, of Houston, Texas, was the owner and pharmacist-in-charge of Chrisco Pharmacy. Obaze and his co-conspirators operated Chrisco Pharmacy as an illegal “ghosting pharmacy,” purchasing pharmaceutical opioids and other commonly abused prescription drugs from wholesalers and then selling them in bulk to drug traffickers, without involving physicians, patients, or prescriptions. From January 2018 through October 2021, Obaze and his co-conspirators distributed at least 2,268,700 hydrocodone 10-325 mg and oxycodone 30 mg pills as part of the scheme. 

    The defendant and his pharmacy technician attempted to conceal their illegal activities by reporting no dispensing of the drugs to the Texas State Board of Pharmacy’s prescription monitoring program after July 2018, and by structuring cash deposits and submitting false documents to banks to maintain accounts to hold the proceeds of their unlawful distribution scheme. Obaze also aided and assisted in the preparation and presentation of false and fraudulent tax returns to the IRS by understating, among other things, the gross receipts of Chrisco Pharmacy. 

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas, Special Agent in Charge William Kimbell of the Drug Enforcement Administration (DEA) Houston Division, and Special Agent in Charge Lucy Tan of the IRS Criminal Investigation (IRS-CI) Houston Field Office made the announcement. 

    The DEA and IRS-CI investigated the case. 

    Trial Attorney Drew Pennebaker of the Criminal Division’s Fraud Section prosecuted the case. 

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of 9 strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Office of the Inspector General for the Department of Health and Human Services, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: BlackRock® Canada Announces Final May Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final May 2025 cash distributions for iShares Premium Money Market ETF. Unitholders of record on May 22, 2025 will receive cash distributions payable on May 30, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund Ticker Cash Distribution Per Unit
    iShares Premium Money Market ETF CMR $0.102

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock
    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs
    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.  

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI: ReconAfrica Announces the Appointment of Mark Friesen as Managing Director, Investor Relations and Capital Markets, an Update on the Transaction with NAMCOR and Proposed Warrant Extension

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces an update to its investor relations contact, an update on the transaction with Namcor Exploration and Production (Pty) (“NAMCOR”) announced in the Company’s news release dated September 22, 2022 and that it intends to extend the expiry date of certain common share purchase warrants of the Company.

    UPDATE TO INVESTOR RELATIONS CONTACT

    Mr. Grayson Andersen has left ReconAfrica to pursue new career opportunities. The Company, its Board of Directors and Management thank Grayson for his contributions and wish him the best in his future endeavours.

    Effective immediately, Mark Friesen has joined ReconAfrica as Managing Director, Investor Relations and Capital Markets and is based in Calgary. Mark has extensive energy finance and investor relations experience in the Canadian and U.S. markets. Mark’s prior corporate experience includes being the Director of Investor Relations with Kiwetinohk Energy Corp. and doing business development and corporate planning with Kiwetinohk, Murphy Oil Corporation and through his own consulting company. Mark began his career in equity research covering the energy sector at Bank of Montreal (BMO), FirstEnergy Capital Corp., TD Bank and Royal Bank of Canada (RBC). Mark holds a CFA (Chartered Financial Analyst) designation and received a Bachelor of Commerce (Hons) degree in Finance from the University of Manitoba.

    Investors can continue to contact the Company by email at investors@reconafrica.com or by phone at +1-877-631-1160.

    UPDATE ON NAMCOR TRANSACTION

    The Company and NAMCOR have not yet completed the transaction pursuant to the definitive purchase and sale agreement announced September 22, 2022, but report that discussions are ongoing.

    PROPOSED WARRANT EXTENSION

    The Company intends to extend the expiry date of an aggregate 6,795,454 outstanding common share purchase warrants of the Company (the “July Warrants”) by 18 months to January 18, 2027 and an aggregate 1,071,500 outstanding common share purchase warrants of the Company (the “September Warrants” and collectively with the July Warrants, the “Warrants”) by 18 months to February 1, 2027 (collectively with the extension of July Warrants, the “Extension”).

    The July Warrants were issued pursuant to a public offering which closed on July 18, 2023 and are set to expire on July 18, 2025. The July Warrants were issued pursuant to a warrant indenture dated July 18, 2023 between the Company and Odyssey Trust Company. Each July Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.35 and all other terms of the July Warrants, including exercise price, will remain the same.

    A total of 295,227 outstanding compensation warrants issued as compensation to the underwriters for part of the financing in July 2023 cannot be extended and will expire on July 18, 2025.

    The September Warrants were issued pursuant to a non-brokered private placement which closed on September 1, 2023 and are set to expire on September 1, 2025. Each September Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.40 and all other terms of the September Warrants, including exercise price, will remain the same.

    220,000 of the July Warrants are held by parties who are considered to be “related parties” of the Company. The September Warrants are all held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

    The Extension remains subject to receipt of approval of the TSX Venture Exchange.

    About ReconAfrica

    ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola, and northwestern Botswana, where the Company holds rights to petroleum licences comprising over 13 million acres. The Company will be drilling its next well, Prospect I which is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL 73”). This will be the Company’s largest exploration prospect drilled to date. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.

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

    For further information contact:

    Brian Reinsborough, President and Chief Executive Officer | Tel: +1-877-631-1160

    Mark Friesen, Investor Relations | Tel: +1-877-631-1160

    IR Inquiries Email: investors@reconafrica.com

    Media Inquiries Email: media@reconafrica.com

    Cautionary Note Regarding Forward-Looking Statements:

    Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form for the period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    The MIL Network –

  • MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

    Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

    In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters. 

    Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment. 

    Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance. 

    The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

    Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

    Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

    First Quarter 2025 Operational Highlights:

    User Base

    • Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
    • Number of active users1 who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
    • Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

    Loan Facilitation Business

    • As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.
    • Total loan originations2 in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
    • Total outstanding principal balance of loans3 reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

    Credit Performance4

    • 90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
    • First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

    Tech-empowerment Service

    • For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
    • In the first quarter of 2025, the business customer retention rate5 of our tech-empowerment service was over 80%.

    Installment E-commerce Platform Service

    • GMV6 in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
    • In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

    Other Operational Highlights

    • The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
    • Repeated borrowers’ contribution7 of loans across our platform for the first quarter of 2025 was 86.1%.

    First Quarter 2025 Financial Highlights:

    • Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
    • Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
    • Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
    • Adjusted net income attributable to ordinary shareholders of the Company8 was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 was RMB2.62 on a fully diluted basis.

    __________________________

    1. Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
    2. Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
    3. Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
    4. Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
    5. Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
    6. GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
    7. Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
    8. Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    First Quarter 2025 Financial Results:

    Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

    Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

    Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

    Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

    Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

    Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

    Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

    Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

    Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

    Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

    Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

    Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

    Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

    Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

    General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

    Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

    Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

    Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

    Recent Development

    Updated Dividend Policy

    In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

    Business Outlook

    Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

    Conference Call

    The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

    Participants who wish to join the conference call should register online at:

    https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

    Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

     Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

     A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

    About LexinFintech Holdings Ltd.

    We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

    For more information, please visit http://ir.lexin.com.

    To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

    Use of Non-GAAP Financial Measures Statement

    In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

    These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information Statement

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    LexinFintech Holdings Ltd.
    IR inquiries:
    Will Tan
    Tel: +86 (755) 3637-8888 ext. 6258
    E-mail: willtan@lexin.com

    Media inquiries:
    Ruifeng Xu
    Tel: +86 (755) 3637-8888 ext. 6993
    E-mail: media@lexin.com

    SOURCE LexinFintech Holdings Ltd.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Balance Sheets    		  
      As of  
    (In thousands) December 31, 2024   March 31, 2025  
      RMB   RMB   US$  
    ASSETS            
    Current Assets            
    Cash and cash equivalents   2,254,213     3,173,298     437,292  
    Restricted cash   1,638,479     1,545,269     212,944  
    Restricted term deposit and short-term investments   138,497     218,490     30,109  
    Short-term financing receivables, net(1)   4,668,715     4,743,393     653,657  
    Short-term contract assets and receivables, net(1)   5,448,057     5,009,319     690,303  
    Deposits to insurance companies and guarantee companies   2,355,343     2,203,109     303,597  
    Prepayments and other current assets   1,321,340     1,347,805     185,732  
    Amounts due from related parties   61,722     77,239     10,644  
    Inventories, net   22,345     19,341     2,665  
    Total Current Assets   17,908,711     18,337,263     2,526,943  
    Non-current Assets            
    Restricted cash   100,860     80,464     11,088  
    Long-term financing receivables, net(1)   112,427     92,087     12,690  
    Long-term contract assets and receivables, net(1)   317,402     350,993     48,368  
    Property, equipment and software, net   613,110     636,939     87,773  
    Land use rights, net   862,867     854,267     117,721  
    Long-term investments   284,197     244,193     33,651  
    Deferred tax assets   1,540,842     1,589,522     219,042  
    Other assets   500,363     433,738     59,772  
    Total Non-current Assets   4,332,068     4,282,203     590,105  
    TOTAL ASSETS   22,240,779     22,619,466     3,117,048  
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   74,443     63,294     8,722  
    Amounts due to related parties   10,927     9,124     1,257  
    Short-term borrowings and current portion of long-term borrowings   690,772     781,324     107,669  
    Short-term funding debts   2,754,454     3,207,177     441,961  
    Deferred guarantee income   975,102     1,158,164     159,599  
    Contingent guarantee liabilities   1,079,000     769,397     106,026  
    Accruals and other current liabilities   4,019,676     3,909,239     538,708  
    Total Current Liabilities   9,604,374     9,897,719     1,363,942  
    Non-current Liabilities            
    Long-term borrowings   585,024     505,408     69,647  
    Long-term funding debts   1,197,211     891,390     122,837  
    Deferred tax liabilities   91,380     102,617     14,141  
    Other long-term liabilities   22,784     14,006     1,930  
    Total Non-current Liabilities   1,896,399     1,513,421     208,555  
    TOTAL LIABILITIES   11,500,773     11,411,140     1,572,497  
    Shareholders’ equity:            
    Class A Ordinary Shares   205     205     30  
    Class B Ordinary Shares   41     41     7  
    Treasury stock   (328,764 )   (305,025 )   (42,034 )
    Additional paid-in capital   3,314,866     3,331,382     459,077  
    Statutory reserves   1,178,309     1,178,309     162,375  
    Accumulated other comprehensive income   (29,559 )   (31,818 )   (4,385 )
    Retained earnings   6,604,908     7,035,232     969,481  
    Total shareholders’ equity   10,740,006     11,208,326     1,544,551  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   22,240,779     22,619,466     3,117,048  

    __________________________
    (1)  Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

    Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Operations    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Operating revenue:            
    Credit facilitation service income   2,648,478     2,190,866     301,910  
    Loan facilitation and servicing fees-credit oriented   1,417,248     1,136,229     156,577  
    Guarantee income   744,251     547,814     75,491  
    Financing income   486,979     506,823     69,842  
    Tech-empowerment service income   361,543     624,850     86,107  
    Installment e-commerce platform service income   231,909     288,383     39,740  
    Total operating revenue   3,241,930     3,104,099     427,757  
    Operating cost            
    Cost of sales   (235,747 )   (262,032 )   (36,109 )
    Funding cost   (90,738 )   (83,004 )   (11,438 )
    Processing and servicing cost   (587,731 )   (551,141 )   (75,949 )
    Provision for financing receivables   (136,683 )   (182,149 )   (25,101 )
    Provision for contract assets and receivables   (165,942 )   (129,685 )   (17,871 )
    Provision for contingent guarantee liabilities   (828,377 )   (677,180 )   (93,318 )
    Total operating cost   (2,045,218 )   (1,885,191 )   (259,786 )
    Gross profit   1,196,712     1,218,908     167,971  
    Operating expenses:            
    Sales and marketing expenses   (417,617 )   (493,128 )   (67,955 )
    Research and development expenses   (134,982 )   (155,626 )   (21,446 )
    General and administrative expenses   (89,760 )   (100,753 )   (13,884 )
    Total operating expenses   (642,359 )   (749,507 )   (103,285 )
    Change in fair value of financial guarantee derivatives and loans at fair value   (315,923 )   74,639     10,286  
    Interest expense, net   (3,904 )   (4,702 )   (648 )
    Investment income/(loss)   90     (11,699 )   (1,612 )
    Others, net   20,425     3,832     528  
    Income before income tax expense   255,041     531,471     73,240  
    Income tax expense   (53,418 )   (101,147 )   (13,938 )
    Net income   201,623     430,324     59,302  
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
                 
    Net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.61     1.27     0.18  
    Diluted   0.60     1.20     0.16  
                 
    Net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.22     2.55     0.35  
    Diluted   1.21     2.39     0.33  
                 
    Weighted average ordinary shares outstanding            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   333,650,104     359,646,902     359,646,902  
    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Comprehensive Income
      For the Three Months Ended March 31,  
    (In thousands) 2024   2025  
      RMB   RMB   US$  
    Net income   201,623     430,324     59,302  
    Other comprehensive income            
    Foreign currency translation adjustment, net of nil tax   2,323     (2,259 )   (311 )
    Total comprehensive income   203,946     428,065     58,991  
    Total comprehensive income attributable to ordinary shareholders of the Company   203,946     428,065     58,991  
    LexinFintech Holdings Ltd.
    Unaudited Reconciliations of GAAP and Non-GAAP Results    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company            
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
    Add: Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense associated with convertible notes   5,322     –     –  
    Investment (income)/loss   (90 )   11,699     1,612  
    Adjusted net income attributable to ordinary shareholders of the Company   230,129     471,564     64,985  
                 
    Adjusted net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.70     1.39     0.19  
    Diluted   0.68     1.31     0.18  
                 
    Adjusted net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.39     2.79     0.38  
    Diluted   1.35     2.62     0.36  
                 
    Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   339,997,043     359,646,902     359,646,902  
                 
    Reconciliations of Non-GAAP EBIT to Net income            
    Net income   201,623     430,324     59,302  
    Add: Income tax expense   53,418     101,147     13,938  
    Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense, net   3,904     4,702     648  
    Investment (income)/loss   (90 )   11,699     1,612  
    Non-GAAP EBIT   282,129     577,413     79,571  


    Additional Credit Information

    Vintage Charge Off Curve1

    Dpd30+/GMV by Performance Windows1

    First Payment Default 30+1

    1. Loans facilitated under ICP are excluded from the chart.

    The MIL Network –

  • MIL-OSI: Trading 212 Surpasses A$50 Billion in Client Assets and 4.5 Million Clients, Cementing Position as the UK’s Fastest-Growing Saving and Investment Platform

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 22, 2025 (GLOBE NEWSWIRE) — Trading 212 has officially reached a major milestone with over A$50 billion in client assets under administration and a thriving community of 4.5 million clients globally, making it the fastest-growing savings and investment platform in the UK.

    By pioneering zero-commission and fractional share investing across the UK and Europe, Trading 212 has transformed access to the financial markets. Millions of people have been empowered to invest without facing the high fees that have historically been a barrier to entry.

    “Our mission has always been to unlock wealth building for everyone,” said Ivan Ashminov, co-founder and chairman of the board of Trading 212. “Reaching this scale is a testament to the trust our clients place in us and to the value we bring through innovation, accessibility, and transparency.”

    With continued momentum, Trading 212 remains committed to reshaping the future of personal finance by breaking down barriers and delivering market-leading tools for everyday investors or savers.

    About Trading 212

    Trading 212 is a fintech company on a mission to unlock wealth building for everyone. Known for disrupting the industry with zero-commission investing, intuitive technology, and innovative financial products, the platform offers stocks and ETFs to millions of clients across the UK, Europe and Australia.

    For media inquiries, please contact:
    press@trading212.com
    www.trading212.com

    When investing, your capital is at risk. See terms and fees.

    Other fees may apply.

    The MIL Network –

  • MIL-OSI: Oyster Enterprises II Acquisition Corp Announces the Upsized Pricing of $220,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Miami, Florida, May 21, 2025 (GLOBE NEWSWIRE) — Oyster Enterprises II Acquisition Corp (the “Company”) announced today the upsized pricing of its initial public offering of 22,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and begin trading tomorrow, May 22, 2025, under the ticker symbol “OYSEU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination.  There are no warrants issued publicly or privately in connection with this offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “OYSE” and “OYSER,” respectively. The offering is expected to close on May 23, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but is focused on industries that align with the background of the Company’s management team and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate and hospitality. The Company will also focus on AI companies positioned to complement or disrupt those industries, as well as companies within the digital assets and blockchain ecosystem.

    The Company’s management team is led by Mario Zarazua, its Chief Executive Officer and Vice Chairman, and Heath Freeman, its Chairman. In addition, the Board includes Divya Narendra, Lief Haniford and Jordan Fliegel. Randall D. Smith is an Advisor to the Company, and Mike Rollins is the Chief Financial Officer.

    BTIG, LLC is acting as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website, www.sec.gov.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on May 21, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Oyster Enterprises II Acquisition Corp
    801 Brickell Avenue, 8th Floor
    Miami, Florida, 33131
    Attn: Mario Zarazua, CEO and Vice Chairman
    mario@oysteracquisition.com
    (786) 744-7720
    www.oysteracquisition.com

    The MIL Network –

  • MIL-Evening Report: NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

    Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury

    Hagen Hopkins/Getty Images

    Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

    This is a big change from last year’s tax announcements, which were largely focused on individuals.

    So far this year, the government has announced tax policies to encourage overseas investment and to make employee share schemes for start-ups and unlisted companies more attractive.

    This week, the government also announced the demise of the Digital Services Tax – which Treasury estimated would be worth more than NZ$100 million a year – after threats of retaliation from US President Donald Trump.

    But each of these policies would result in a drop in tax revenue. That raises a key question: where will the money to run the government come from when two successive budgets have included tax revenue cuts?

    Overseas money for investment

    This month, the government announced a commitment of $75 million over the next four years to encourage foreign investment in infrastructure and make it easier for startups to attract and retain high quality staff.

    Broken down, this would be $65 million for a change to the rules around “thin capitalisation”, pending the outcome of consultation on the details. At a basic level, this policy is targeting how much debt companies with overseas subsidiaries can have when investing in New Zealand infrastructure.

    The other $10 million is earmarked as a deferral of tax liability for some employee share schemes to help startups and unlisted companies.

    The goal of both policies seems to be to encourage international investment in New Zealand to boost growth in our otherwise sluggish economy.

    The government’s ‘Growth Budget’ is set to include policy changes that will see drops in tax revenue.
    Hagen Hopkins/Getty Images

    No digital services tax

    The demise of the digital services tax is the other big tax policy to be announced ahead of today’s budget.

    Left over from the previous Labour government, the policy would have applied a 3% tax on digital services revenue earned from New Zealand customers by global tech giants such as Meta, X and Google (many of which are based in the US).

    But Donald Trump has been highly critical of these sorts of levies, describing them as overseas extortion. Revenue Minister Simon Watts has admitted Trump’s objections were part of the decision to scrap the tax.

    While the government will save the money set aside in last year’s budget for administrative costs, the potential tax revenue will be a big loss. Treasury had previously forecast New Zealand would gain $479m in tax revenue from the levy between 2027 and 2029.

    But Watts said, “the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts”.

    A hole in revenue

    When it comes to tax, the pre-budget announcements will all involve costs to the government or drops in revenue.

    There are rumours the budget will include changes to the companies tax. But, if anything, this will be a drop in the amount of tax companies pay. So again, a drop in tax revenue.

    The challenge facing the government is where the money to operate comes from. And the choices it has are limited.

    Firstly, it could increase tax elsewhere. But that would require either a reversal of last year’s income tax cuts, or the long-standing policy not to target wealth – such as with a capital gains tax.

    Or, the government could make drastic cuts to spending. And, considering the announcement that this year’s budget would be tight, with over a $1 billion cut from the government’s discretionary operating spending (known as an operating allowance), this seems to be the path they have taken, at least partially.

    The final option would be to borrow now to boost infrastructure and business investment in the hope that resulting economic growth will generate greater revenue later.

    We won’t know the answers to these questions until Budget 2025 is released, and there have been a lot of mixed messages. Considering Finance Minister Nicola Willis has dubbed this a “Growth Budget”, however, it seems likely the focus will be on encouraging investment and growth through business activity, rather than any tax increases.

    Adrian Sawyer does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth – https://theconversation.com/nz-budget-2025-tax-cuts-and-reduced-revenues-mean-the-government-is-banking-on-business-growth-257229

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.21.25
    As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities
    NEW: 23 Republican WA state legislators join letter to full WA federal delegation, urging them to protect Medicaid
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined Washington state health care professionals to highlight statewide alarm and opposition to proposed Medicaid cuts.
    “The House Republicans are now trying to cobble together what I believe is a serious attack on Medicaid, and these will have impacts across our economy,” said Sen. Cantwell. “It undermines the program by shifting the burden to the states and making the entire healthcare system more expensive.”
    “If you cut Medicaid, and you cut people on Medicaid, they’re not going to stop having health care needs,” added Sen. Cantwell. “They’re just going to go to a more expensive, unfunded setting to get that care. Medicaid provides the critical financial support for the healthcare sector and for our economies to keep going every day.”
    Matt Kollman, CEO of Skyline Hospital in White Salmon, warned that the cuts would endanger the survival of rural hospitals, and ultimately the health of rural residents.
    “You don’t just have the opportunity, when you live in White Salmon, to drive a few blocks extra and go to the next hospital,” Kollman said. “You’re talking about a drive that in the best of conditions might be 60 or 90 minutes. That is a disruptive burden for many families, and it would lead to their delay, or possible just outright deferral of health care altogether. And to me, that’s not acceptable.”
    “I also know that it’s not acceptable to other members of our community,” added Kollman. “Recently, I was able to present Senator Cantwell and Representative Newhouse with a letter that was signed by many elected officials and community members, including Republicans, elected Republicans in my district and throughout the state, who are asking Congress to be very careful about what they do with Medicaid. To consider the consequences, to be very thoughtful, and to understand that you’re messing with something that is a very intimate and relied on part of people’s lives every day.”
    Also today, 23 Republican members of the Washington state legislature sent a letter to the entire Washington state federal Congressional delegation, urging the delegation to “protect Medicaid funding for Washington State.”
    This week, the Republican-led U.S. House Budget Committee held a rare weekend meeting late Sunday night as part of the effort to rush to the floor a reconciliation bill containing over $700 billion in cuts and significant changes to Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Then, early this morning, the House Rules Committee began a meeting at 1 a.m. – when most Americans were asleep – since GOP House leadership have indicated their intent to bring the reconciliation bill and its draconian cuts to the floor for a final vote as soon as later today.   
    Republican proposals include imposition of work requirements and new restrictions on who can receive long-term care support from Medicaid.
    Other participants at the virtual presser were
    •            Rashad Collins, CEO, Neighborcare Health (Community Health Center with over 20 Seattle-area clinics)
    •            Kym Clift, CEO, TriState Health (Clarkston, WA)
    •            Lynn Kimball, Executive Director at Aging & Long Term Care of Eastern Washington
    •            Dr. Rachel Issaka, gastroenterologist and clinical researcher, Fred Hutchinson Cancer Center
    •            Jacquiline Blanco, RN, a Seattle-area perinatal obstetric nurse and Public Policy Committee member at the Association of Women’s Health, Obstetric, and Neonatal Nurses
    Video of the event is available HERE and a transcript of Sen. Cantwell’s opening remarks is available HERE.
    Also today, Sen. Cantwell delivered a speech on the Senate floor, warning of the impacts to state economies and budgets if the Republican proposal becomes law. Video of her floor speech is available HERE and a transcript is available HERE.
    Medicaid, known as Apple Health in Washington state, covers over 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
    Highlights of those snapshot reports include:
    In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
    In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
    In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
    Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Danny K. Davis Applauds Reintroduction of Second Chance Reauthorization Act of 2025

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

    Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

         Washington, DC — Today, Congressman Danny K. Davis (D-IL), original author of the Second Chance Act of 2008, proudly announced the reintroduction of the Second Chance Reauthorization Act of 2025, a bipartisan, bicameral effort to bolster reentry services across the nation. Introduced in the U.S. House by Rep. Davis and Rep. Carol Miller (R-WV) and in the Senate by Sens. Shelley Moore Capito (R-WV) and Cory Booker (D-NJ), the legislation renews vital programs that support returning citizens with housing, career development, and behavioral health services.

         “Sixteen years ago, I introduced the Second Chance Act because I believed every person deserves an opportunity to reclaim their life, reunite with their family, and rebuild their future,” said Congressman Danny K. Davis. “Since then, over 442,000 individuals across America have benefited from these services, including thousands here in Chicago. Reentry is not a privilege. It is a right backed by resources, dignity, and support.”

         With more than 600,000 individuals returning home from prison each year, and many more transitioning from local jails, reentry has become a national priority for reducing recidivism and promoting public safety. The Second Chance Act of 2008, authored by Congressman Davis and signed into law by President George W. Bush, established the nation’s first coordinated federal effort to fund reentry programs. 

         In Chicago and across Illinois’ 7th Congressional District, Second Chance funding has supported a wide array of community organizations and justice-focused initiatives, including workforce training programs, mentoring services, transitional housing, and behavioral health treatment. These services are particularly critical for Black and Brown communities that have long borne the brunt of mass incarceration.

         “This bill is about investing in people and giving communities—like those I represent in  Chicagoland—the resources to reduce crime, restore families, and rewrite futures,” Davis added. “This is bipartisan work at its best—and it’s deeply rooted in both justice and compassion.”

         From 2009 to 2024, over 1,300 Second Chance grants were awarded across 49 states and territories, supporting 871 agencies nationwide. The reauthorization will strengthen evidence-based programs and expand services for individuals struggling with substance use disorder and mental health challenges.

                  The American Jail Association, American Parole and Probation Association, Correctional Leaders Association, Council of State Governments Justice Center, Major County Sheriffs of America, National Alliance on Mental Illness, National Association of Counties, National Association of State Alcohol and Drug Abuse Directors, National Association of State Mental Health Program Directors, National District Attorneys Association, National League of Cities, Prison Fellowship, Treatment Alternatives for Safe Communities, and U.S. Chamber of Commerce support the legislation.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Brad Sherman welcomes the completion of Metro’s Draft Environmental Impact Report (DEIR) for the Sepulveda Pass Transit Corridor Project

    Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

    SHERMAN OAKS, CA – Today, Congressman Brad Sherman (CA-32) welcomed the completion of Metro’s Draft Environmental Impact Report (DEIR) for the Sepulveda Pass Transit Corridor Project. 

    “Providing rail service through the Sepulveda Pass is Metro’s most important infrastructure project and the best way to decrease traffic on the 405 freeway and in L.A. County,” said Congressman Sherman. 

    Congressman Sherman has been fighting for rail through the Sepulveda Pass since coming to Congress. In 1998, Sherman helped to secure federal funding to study how best to alleviate the extreme congestion through the Sepulveda Pass, inviting the then-U.S. Secretary of Transportation to stand at the top of what is now the Courtyard Marriott Hotel at the 101/405 interchange to see first-hand the critical need for alternative transit options. Congressman Sherman has testified before the House Transportation and Infrastructure Committee seeking federal funds for mass transit through the Sepulveda Pass, securing $10,000,000 for the project in the 2021 Surface Transportation Bill.

    Today’s report provides new details on the five remaining transit alignments (alternative #2 was withdrawn last year) under consideration by the Metro Board, including projections of their relative costs and timetables for construction.

    Congressman Sherman has pledged to fight for the significant additional federal funding this critical transportation project will require, regardless of which alternative is selected by the Metro Board.   

    For the next sixty days, Metro will be soliciting feedback from the community before selecting an alignment in early 2026. 

    The five alternatives under Metro’s consideration are as follows:

    Alternative 1: Automated Monorail – Entirely aerial along the 405.

    Preliminary Cost Estimate: $15.4 billion

    Preliminary Project Timetable: 12 years

    Forecasted Boardings: 64,798 boardings      

    Travel Time (from Van Nuys Metrolink to E Line): 28 min

    Alternative 3: Automated Monorail – Aerial along the 405 with an underground segment between Wilshire and Getty Center. 

    Preliminary Cost Estimate: $20.8 billion

    Preliminary Project Timetable: 14 years

    Forecasted Boardings: 86,013 boardings    

    Travel Time (from Van Nuys Metrolink to E Line): 32 min

    Alternative 4: Heavy Rail – Underground south of Ventura Blvd and aerial along Sepulveda Blvd in the San Fernando Valley.  

    Preliminary Cost Estimate: $20 billion

    Preliminary Project Timetable: 14 years

    Forecasted Boardings: 120,546 boardings  

    Travel Time (from Van Nuys Metrolink to E Line): 20 min

    Alternative 5: Heavy Rail – Underground along Sepulveda Boulevard with an aerial stretch along the Metrolink tracks in the San Fernando Valley. 

    Preliminary Cost Estimate: $24.2 billion

    Preliminary Project Timetable: 14 years

    Forecasted Boardings: 121,624 boardings

    Travel Time (from Van Nuys Metrolink to E Line): 19 min

    Alternative 6: Heavy Rail – Entirely underground along Van Nuys Blvd in the San Fernando Valley. 

    Preliminary Cost Estimate: $24.4 Billion

    Preliminary Project Timetable: 15 Years

    Forecasted Boardings: 107,096 boardings

    Travel Time (from Van Nuys Metrolink to E Line): 18 min

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi on House Floor: “Hands off SNAP.”

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    Washington, D.C. – Today, Speaker Emerita Nancy Pelosi delivered remarks on the Floor of the House of Representatives in opposition to Republican efforts to cut SNAP and deprive millions of families, especially women and children, of the food security they need.

    Speaker Emerita Pelosi highlighted how the Republican agenda puts the needs of the ultra-wealthy ahead of hungry children and working families across America.

    Watch Speaker Emerita Pelosi’s remarks here.

    Read Speaker Emerita Pelosi’s full remarks below:

    Speaker Emerita Pelosi. Mr. Speaker, I rise today to join our Democratic Leader and Democratic Women’s Caucus colleagues in highlighting stories of women and children who would be harmed by the House Republicans’ agenda.

    Republicans are slashing $300 billion, that’s ‘B,’ billion dollars from SNAP, in addition to cutting $700 billion from Medicaid. That’s $1 trillion in cruel cuts from our nation’s children in order to give tax cuts to billionaires.

    SNAP is the nation’s most effective anti-hunger initiative – and the devastating Republican cuts threaten children and families in California and across America who are scared and crying out for help.

    One single mother, Melissa from California, who lives in a district represented by one of our Republican colleagues shared that if not for SNAP, her family of three children would go every month with $0 for food. She attends school full-time and says that without SNAP, they would be forced to rely on food giveaways—or starve.

    Republicans shamelessly call this “reform.” But let’s be clear: it’s a sinful betrayal of the Gospel of Matthew: “When I was hungry, you fed me.”

    Democrats will never stop fighting to ensure no child is left behind. Hands off our Medicaid. Hands off our SNAP.

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi on House Floor: “This is Robin Hood in Reverse”

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    Washington, D.C. – Tonight, Speaker Emerita Nancy Pelosi delivered remarks on the Floor of the House of Representatives in opposition to the Republicans’ bill that cuts Medicaid by $700 billion, which she condemned as a cruel attack on working families, vulnerable children and Americans with disabilities.

    Speaker Emerita Pelosi highlighted how the Republican Reverse Robin Hood plot would rip health care away from millions of Americans—including seniors, veterans and low-income families—just to finance tax breaks for billionaires and add trillions to the national debt while devastating communities across the country.

    Watch Speaker Emerita Pelosi’s remarks here. 

    Read Speaker Emerita Pelosi’s full remarks below:

    Speaker Emerita Pelosi. Thank you very much. Mr. Speaker, I’m pleased to receive time from the distinguished Congresswoman from Washington state. She is a pediatrician. We have all learned a lot about how public policy has a direct impact on the good—the health and well-being—of the American people.

    And when I hear them talk about cutting over $700 billion in Medicaid and it’s just ‘waste, fraud and abuse’… this beautiful child is not waste, fraud and abuse. I will talk about a little child in my remarks who is not waste, fraud and abuse.

    This Special Order comes together to shine a bright light on the Republican plan to fund tax breaks for billionaires by making huge cuts to Medicaid. Now, that’s what it looks like. But the fact is, they will still—with their tax bill—be adding over nearly $4 trillion to the national debt to cover their tax break for the wealthiest people in our country.

    This is fiscal engineering to reduce the role of government in the lives of the American people—where it is most needed. Where it is most needed.

    This is Robin Hood in reverse. Taking resources from where it is most needed—the people who need it most—and giving it to those who need it least: the billionaires in America.

    This is shameful. And it is a fraud. And it’s a shame.

    Now, President Johnson reminded the American people when he signed Medicare and Medicaid. He traveled to Independence, Missouri, to be in the presence of President Truman—former President Truman—who had worked on this when he was President. But it came to fruition under President Johnson. And he went there, and he signed the bill in the presence of Harry Truman.

    And he said – the President reminded the American people of a shared tradition: ‘Never to be indifferent toward despair. Never to turn away from helplessness. Never to ignore or spurn those who suffer unattended in a land that is bursting with abundance.’

    Indeed, Medicare and Medicaid save lives as a pillar of health security and justice for tens of millions of Americans.

    People often think of Medicaid as health care for poor children. That would be justification enough—health care for poor children.

    But it also is a middle-income benefit for nursing home residents, and people needing it for long-term care services. They get that largely through Medicaid. And it’s also a benefit for people with disabilities.

    The Republicans’ devastating budget plan would push about 14 million Medicaid recipients off life-saving health care, and leave countless vulnerable families exposed to catastrophic medical bills.

    This is terrible. Because this is about health, and financial health, that is being devastated.

    Working families and children in low-income households would face ruinous consequences—as would rural hospitals, as the distinguished Congresswoman has mentioned, families seeking opioid addiction treatment for their loved ones and middle-class Americans with long-term care needs.

    Mr. Speaker, I ask unanimous consent to insert a statement from the California Medical Association into the record. This is what they have said—the California Medical Association President issued the following statement regarding House Republicans’ proposed care cuts in Medicaid:

    ‘The latest federal proposal to gut Medicaid is reckless. Physicians and hospitals will be pushed to the brink, forced to close their doors and unable to continue care for their patients.’

    Because you know, when this funding leaves those rural hospitals—not only do the Medicaid patients lose—but all of the patients in that area lose. That’s my objection here.

    Back to the statement:

    ‘These would be the largest Medicaid cuts in history and will leave veterans, seniors, the disabled, children and working families without health care coverage.’

    As the distinguished physician colleague has said, making emergency rooms the only point of care for millions of people. Communities will be devastated. Lives will be lost.

    This is the CMA: ‘Congress must reject these cuts and instead focus on strengthening the safety net that protects us all. Otherwise, at least 13.7 million people will lose health care coverage.’

    Republican attacks on health care impact real people—including little children.

    My guest at the President’s State of the Union address was Elena Hung, mother of Xiomara, a courageous little lobbyist—11 years old.

    She has complex medical needs—including chronic lung disease, chronic kidney disease, and global developmental delays. She has a tracheostomy, uses a ventilator, is oxygen-dependent, and uses a feeding tube.

    Access to quality, affordable care ensured that Xiomara received the care she needed during extended hospitalization, and can now live at home with her family.

    Medicaid has helped Xiomara receive the therapies she needs to catch up with her developmental milestones—including physical therapy, occupational therapy, feeding therapy and speech therapy.

    But these very lifelines from Medicaid and more are what Republicans are working to destroy—to give a tax cut for billionaires.

    Democrats are standing strong against the Administration’s many attacks against family health care. This is just one of them.

    And with this Special Order—thank you, doctor, colleague—we are calling out Republicans to either vote to protect their constituents’ health care or vote to take it away.

    That’s the choice.

    In stark contrast to the President and Republicans in Congress, Democrats will always fight to lower health care costs. We are unified and ready to use every tool to stop this GOP scheme.

    And we will always work to strengthen pillars of health and financial security in America. That includes Social Security, Medicare, and Medicaid. We will always fight for Medicaid.

    I just want to go back to that one thing: they’re still adding nearly $4 trillion to the national debt to give tax breaks to their wealthy billionaire friends.

    In the bill that they passed when Trump was president—oh, there, I said his name—and the Republicans were in power. When the Republicans passed that bill and the President signed it into law, 83% of the benefits went to the top 1%, adding $2 trillion to the national debt.

    They’re doubling down on that—getting to almost $4 trillion to the national debt—and saying, ‘We’ve got to give all this money to billionaires,’ and calling children ‘waste, fraud, and abuse’ in our Medicaid system.

    It’s really sinful. It’s really sad.

    And it is something that I hope the Republicans will reject. And I hope their constituents will call them. Because these Medicaid people are in Republican districts.

    One of our colleagues in California has, out of all of our constituents, he has nearly 500,000 people on Medicaid—and yet he voted with the Republicans on this.

    Well, you can be sure he’ll be hearing from his constituents. Because people know.

    And I’ll close by saying—Lincoln said: ‘Public sentiment is everything. With it, you can accomplish almost anything. Without it, practically nothing.’

    But for public sentiment to prevail, people have to know.

    And we are making sure that your constituents know—and that they are informing you of their knowledge of what you are doing.

    Reverse Robin Hood. Republican Reverse Robin Hood.

    Thank you very much for the opportunity to share some thoughts about this—and for sharing the story of this beautiful little girl.

    Thank you. I yield back.

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi Statement on the Passing of Congressman Gerry Connolly

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    Washington, D.C. – Speaker Emerita Nancy Pelosi issued the following statement on the passing of Congressman Gerry Connolly:

    “It is with profound sorrow that I mourn the passing of my colleague and dear friend, Congressman Gerry Connolly. For nearly four decades, Gerry has been a steadfast advocate for the people of Northern Virginia and a tireless champion for federal workers, good governance, and the values that define our democracy.

    “Gerry’s leadership was local, national and global. From his early days on the Fairfax County Board of Supervisors to his distinguished tenure in the House, Gerry’s career was marked by integrity, compassion, and an unwavering commitment to justice. Even in the face of his own health challenges, Gerry continued to serve as the top Democrat on the House Oversight Committee with grace and resilience, embodying the very spirit of public service.

    “Globally, I saw firsthand the esteem in which he was held as President of the NATO Parliamentary Assembly, where he played a pivotal role in the open dialogue between U.S. legislators and those who represent allied constituencies around the world.

    “Gerry Connolly was a respected Member of the House Democratic Caucus, and he will be deeply missed. My heart goes out to his beloved wife, Smitty, and their daughter Caitlin. May it be a comfort to them and to all who had the privilege of working alongside him that Gerry’s contributions have left an indelible mark on our nation and that so many are praying for them at this sad time.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Rural waste workshop coming to Canterbury

    Source: PISA results continue to show more to be done for equity in education

    Date:

    About the speaker

    Trish has over 20 years of national and international teaching experience combined with 15 years of dairy farming. Over the last 10 years, she has completed:

    • PG Cert in Circular Economy, Business and Innovation,
    • Diploma in Agribusiness
    • Kellogg Rural Leader Project on Reducing Farm Waste.

    Event details

    Trish Rankin – Rural leader and dairy farmer

    RSVP: Register via our

    online form or email us at events@ecan.govt.nz by Monday 16 June.

    Environment Canterbury © 2025
    Retrieved: 10:49am, Thu 22 May 2025
    ecan.govt.nz/get-involved/news-and-events/2025/rural-waste-workshop-coming-to-canterbury/

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stay warmer for cheaper this winter

    Source: PISA results continue to show more to be done for equity in education

    Date:

    Burn good, dry wood

    Good quality, dry wood will get and keep your fire roaring. However, not all woods are equal. Some burn hotter and produce less smoke. Plantation pine, Douglas fir and blue gum are the best locally available timbers, while old man pine can be smoky, and is best suited for kindling or mixed with other woods.

    A great way to get your firewood is to buy from one of our Trusted Good Wood Merchants. We audit these Waitaha/Canterbury firewood sellers regularly to ensure they’re selling good, dry wood; moisture testing is part of our audit process. 

    Plantation pine, Douglas fir and blue gum are quicker-drying woods.

    Check your burning technique

    Using good wood burning technique makes a big difference. Many of us were taught to build a fire in a pyramid shape, with kindling on the bottom and big logs on the top. But the upside-down method (also known as the Swiss method), with big logs on the bottom and kindling on top, lasts longer and is more efficient. Check out this step by step guide to learn how to burn better.

    A well-maintained burner

    If you keep your wood burner well maintained and the flue/chimney clean you will decrease your chances of a smoky chimney. Do not burn treated timber, driftwood or rubbish, as these can clog your chimney and increase pollution in the air. A buildup of chimney soot can also be a fire risk (the kind of fire you don’t want!) and reduce the burner’s efficiency. Check out this handy burner maintenance checklist for more good advice. 

    Financial assistance

    We know it’s a tough time out there for many people, and, if you meet the criteria, you may be eligible for financial assistance towards the cost of a new heat pump, ultra-low emission burner, or insulation upgrades.

    If you have any questions or want to find out more, phone us on 0800 324 636.

    Environment Canterbury © 2025
    Retrieved: 10:49am, Thu 22 May 2025
    ecan.govt.nz/get-involved/news-and-events/2025/stay-warmer-for-cheaper-this-winter/

    MIL OSI New Zealand News –

  • MIL-OSI USA: SPC May 21, 2025 1930 UTC Day 3 Severe Thunderstorm Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 211925

    Day 3 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0225 PM CDT Wed May 21 2025

    Valid 231200Z – 241200Z

    …THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS ACROSS PORTIONS
    OF THE CENTRAL AND SOUTHERN PLAINS…WESTERN TEXAS…AND THE EASTERN
    FLORIDA PENINSULA…

    …SUMMARY…
    A few strong to severe storms are possible across portions of the
    central Plains, western Texas, and across southeast Florida on
    Friday.

    …Synopsis…
    Upper ridging will persist over the central CONUS as a mid-level
    trough meanders along the East Coast and a second upper trough
    traverses the Interior West on Friday. Surface high pressure will
    dominate much of the central, northern, and eastern CONUS while a
    surface low develops over the central High Plains. Ahead of the
    surface low, adequate moisture return within a low-level warm-air
    advection regime will encourage thunderstorm development across
    portions of the central and southern Plains, with a few strong
    storms possible. Strong to potentially severe storms may also form
    over western TX as boundary layer mixing encourages the eastward
    advancement of the dryline, where low-level convergence will be
    maximized. A few strong storms may develop across eastern portions
    of the FL Peninsula ahead of a stalled frontal boundary.

    …Portions of the central and southern Plains…
    Multiple rounds of deep-moist convection are likely along a diffuse
    baroclinic boundary across the central Plains, driven primarily by a
    warm-air advection regime. Strong to severe storms are most likely
    during the afternoon and evening hours. By late afternoon,
    supercells may develop off of the higher terrain of northeastern
    Colorado as upslope flow and diurnal heating maximize lift amid 8-9
    C/km mid-level lapse rates and elongated hodographs. These storms
    may progress east-southeastward through the overnight hours,
    accompanied by some threat for large hail.

    …Portions of western Texas…
    As the dryline mixes eastward by afternoon peak heating, isolated
    but strong thunderstorms may develop atop a dry boundary layer,
    which may deepen to 700 mb. Given some hodograph elongation and over
    30 kts of effective bulk shear, some of these storms may develop
    into organized multicells. 9 C/km lapse rates characterizing the
    boundary layer will support severe gust potential with the stronger
    storms.

    …Portions of the eastern Florida Peninsula…
    Thunderstorms should develop ahead of a stalled front during the
    afternoon, where rich low-level moisture beneath modest mid-level
    lapse rates will contribute to over 2000 J/kg MLCAPE. With modestly
    elongated hodographs in place, multicells may form, accompanied by a
    sparse hail/wind threat.

    ..Squitieri.. 05/21/2025

    CLICK TO GET WUUS03 PTSDY3 PRODUCT

    NOTE: THE NEXT DAY 3 OUTLOOK IS SCHEDULED BY 0730Z

    MIL OSI USA News –

  • MIL-OSI USA: SPC May 21, 2025 2000 UTC Day 1 Convective Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 211947

    Day 1 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0247 PM CDT Wed May 21 2025

    Valid 212000Z – 221200Z

    …THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS FOR PORTIONS OF
    THE OZARKS…

    …SUMMARY…
    Isolated strong to severe storms remain possible in the Upper Ohio
    Valley, parts of eastern North Carolina, North Florida, parts of the
    central Plains, and Deep South Texas. Additional, scattered strong
    to severe storms are possible in the Ozarks this evening.

    …20Z Update…
    Severe probabilities have been adjusted based on current
    observational/convective trends. A narrow zone in western
    Pennsylvania will remain favorable in the short term for a brief
    tornado prior to precipitation stabilizing the low levels and
    low-level winds veering. Scattered elevated convection is still
    expected across parts of the Ozarks later this evening. See the
    previous forecast for additional details.

    ..Wendt.. 05/21/2025

    .PREV DISCUSSION… /ISSUED 1131 AM CDT Wed May 21 2025/

    …Eastern North Carolina/southern Virginia…
    In the wake of early morning convection, air mass
    recovery/destabilization will occur today in vicinity of the
    eastward-transitioning surface wave and in vicinity of the roughly
    west/east-oriented surface boundary located near/south of the
    Virginia/North Carolina border. Drying westerly low-level
    trajectories will exist to the south of the front and behind the
    surface wave, with severe-storm favorable ingredients/potential
    development tending to focus across far northeast North Carolina
    where moderate buoyancy will be maximized with strong westerlies
    aloft (40+ kt effective shear). While severe storm
    coverage/likelihood may not be as high as previously thought, some
    potential for large hail, damaging wind gusts and possibly a tornado
    will still exist on an isolated basis.

    …Ozarks/Mid-South…
    While rich boundary-layer moisture will remain confined across south
    Texas and Louisiana, a strengthening low-level baroclinic zone will
    focus near the Kansas/Oklahoma border east-southeast into the
    Mid-South. Guidance is rather consistent in developing at least
    elevated convection to the cool side of this zone by evening. This
    will be coincident with an intensifying mid-level speed max.
    Forecast soundings depict potentially very strong mid to upper-level
    speed shear within the slightly north of west flow regime. Coupled
    with steep mid-level lapse rates, this setup could yield a few
    elevated supercells capable of large hail and perhaps locally
    damaging winds.

    …Central Plains…
    A mid-level vorticity lobe initially over Wyoming this morning will
    dig east-southeastward into the lower Missouri Valley by early
    evening amidst west-northwesterly flow aloft. Heating will result in
    very steep 0-3 km lapse rates by mid afternoon with several hundred
    J/kg SBCAPE. Elongated hodographs will support quick-moving cells
    capable of an isolated risk for severe wind gusts during the late
    afternoon through around sunset (roughly 20-01z).

    …Upper Ohio Valley including PA/OH/WV border region…
    A corridor of modest boundary-layer heating is expected ahead of the
    primary surface cyclone drifting across northern Ohio toward Lake
    Erie. Coupled with cooling mid-level temperatures, weak
    surface-based buoyancy is expected by midday into the afternoon.
    Deep-layer shear will not be strong given proximity to the mid-level
    trough, but should be adequate for weak/transient mid-level
    rotation. With numerous thunderstorms expected, small to marginally
    severe hail and isolated damaging winds are anticipated. A brief
    tornado or two is also possible with storms near the warm front,
    before convection weakens as it moves east-northeastward into
    less-buoyant surface conditions.

    …North Florida and southern Georgia…
    Along the southeastward-moving cold front, moderate buoyancy is
    expected ahead of the front. A veered low-level wind profile will
    limit effective bulk shear, but scattered thunderstorms could yield
    multicells and perhaps a transient supercell. Isolated damaging
    winds and marginally severe hail are possible with the stronger
    storms. For additional short-term details, see Mesoscale Discussion
    920.

    …Far southern Louisiana/far southern Mississippi…
    Sufficient residual elevated buoyancy in the immediate post-frontal
    environment may allow for some storms to produce hail to near severe
    levels, mostly over just the next few hours this afternoon and on a
    very isolated basis.

    …Deep South Texas…
    A very moist and unstable air mass (2000-4000 J/kg MLCAPE later
    today) exists across the region, aside from some higher cloud cover
    spreading into the region via a slowly approaching and weakening
    convective complex south of the international border. Additional
    convection will likely develop in adjacent Mexico over the higher
    terrain this afternoon, and some of these storms may spread east
    across the lower Rio Grande Valley this evening. Isolated large hail
    and severe-caliber wind gusts may accompany these storms.

    CLICK TO GET WUUS01 PTSDY1 PRODUCT

    NOTE: THE NEXT DAY 1 OUTLOOK IS SCHEDULED BY 0100Z

    MIL OSI USA News –

  • MIL-OSI USA: SPC – No watches are valid as of Wed May 21 22:37:01 UTC 2025

    Source: US National Oceanic and Atmospheric Administration

    Current Convective Watches (View What is a Watch? clip)Updated:  Wed May 21 22:50:05 UTC 2025 No watches are currently valid

    Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

    MIL OSI USA News –

  • MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569   — —
    YoY change 9% 11%   — —
    Marketplace & Other revenue $44 $177   — —
    YoY change 14% 21%   — —
    Total revenue $189 $746   — —
    YoY change 10% 13%   — —
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154   — —
    Free cash flow — —   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating income of $6 million
    • Non-GAAP operating income of $33 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating income of between $85 million and $89 million
    • Non-GAAP operating income of between $178 million and $182 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax –     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax –     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative) —     —     —     1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756     –   – %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock –     –     –   n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax —     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received —     (170,281 )
    Purchases of investments —     (24,509 )
    Proceeds from sales of investments —     25,000  
    Proceeds from sale of strategic investment 763     —  
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations —     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities —     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )   —  
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 64     —  
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill —     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763     —  
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )   —  
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 128     —  
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax   –     387     598     805     1,790       –     –     1,688     –     1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875   —   —   —   1,875     —     —   —   —  
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax –   387 598 805   1,790   –   – 1,688 –   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875   – – –   1,875   –   – – –   –  
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     

     

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025    		   March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

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