NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Consumer warning as NSW Fair Trading odometer tampering crackdown fines 28 sellers in one month

    Source: New South Wales Ministerial News

    Published: 27 February 2025

    Released by: Minister for Better Regulation and Fair Trading

    Used-car buyers are being urged to check a vehicle’s history before purchase after NSW Fair Trading issued 28 fines in a month and a man was sentenced to a nine-month intensive corrections order for unlicensed motor dealing and odometer tampering.

    During the crackdown, NSW Fair Trading issued 54 penalty notices in relation to car sales and repairs valued at more than $100,000. While more than half were for odometer interference, other offences included the non-supply of goods and services, and unlicensed vehicles and sales.

    Additionally, Andrew Rodney Leech pled guilty to operating without a motor dealer’s licence and odometer tampering. Between 2020 and 2022 Leech sold 16 vehicles while unlicensed, online with one car having an odometer that had been wound back by more than 200,000 kilometres. 

    Buyers of used vehicles are being urged to research the car’s history to ensure it has no outstanding finance, has not been written off in a crash, and has accurate odometer readings. 

    The NSW Government offers a free vehicle registration check where prospective buyers have access to a NSW-registered vehicle’s previous three annual odometer readings, as well as basic details like vehicle make, registration and insurance history.

    Across the motor vehicle industry in 2024, NSW Fair Trading took disciplinary action against 21 licensed motor vehicle dealers and repairers, resulting in 10 licence cancellations, 13 disqualifications including three permanent, and one suspension.

    For more information on consumer protections relating to purchasing a used vehicle visit the NSW Fair Trading website.

    To check registration, including odometer reading visit the website of Service NSW or the Service NSW App.

    Quotes to be attributed to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

    “Odometer tampering is used by unscrupulous sellers to increase the value of a vehicle leaving the buyer with a vehicle which is not in the condition advertised, and likely to require repairs at cost and inconvenience to the buyer.

    “Sellers of used cars who reduce the number of kilometres displayed on the vehicle can be fined $1,100 per offence, and if taken to court can receive a penalty of up to $55,000 per offence.

    “Any buyer of a used car from any source, whether that be online like Facebook Marketplace or through a licenced car dealer, should do their homework including visiting the Service NSW website to run a free history check on the car they wish to purchase.”

    MIL OSI News –

  • MIL-OSI Australia: Housing Delivery Authority fast tracks 18 projects as State Significant Developments

    Source: New South Wales Ministerial News

    Published: 27 February 2025

    Released by: The Premier, Minister for Planning and Public Spaces

    The Minister for Planning and Public Spaces has declared a further 18 housing proposals State Significant Developments (SSDs) following the second round of recommendations from the Housing Delivery Authority.

    The new housing proposals, if approved, could deliver more than 8600 much-needed new homes.

    At its first two meetings, the authority has declared 29 proposals with more than 15,000 potential homes as state significant.

    The Housing Delivery Authority (HDA) has been established by the Minns Labor Government with a strong mandate to speed up assessment timeframes.

    This is part of the Minns Labor Government’s plan to build a better NSW with more homes and services, so young people, families and key local workers have somewhere to live and in the communities they choose.

    The HDA is now accepting expressions of interest for major residential developments above $60 million in metropolitan areas and $30 million in regional NSW.

    To date, the authority has received over 200 expressions of interest since it first invited proposals in January 2025. At its latest meeting, a further 39 proposals were examined.

    The authority is prioritising high-quality housing projects with detailed plans that can be submitted within nine months and can begin construction within 12 months of approval.

    All proposals declared as an SSD will have their development applications assessed by the Department of Planning, Housing and Infrastructure.

    Without needing to be approved by councils, this can cut approval times and speed up the delivery of new homes.

    These complex proposals often require greater resources and planning capabilities and as a result, the projects can get stuck in council planning systems for years.

    The HDA offers proponents a new State Significant Development pathway, with the option of concurrent rezoning and assessment.

    The SSD applications will be publicly exhibited before they are determined, and the planning department will seek input from councils.

    The HDA builds on the Minns Government’s recent reforms to the planning system to speed up the delivery of more homes, including:

    • The development of the NSW Pattern Book and accelerated planning pathway for those who use the pre-approved patterns.
    • The largest rezoning in NSW history around transport hubs.
    • The largest ever investment in the delivery of social and affordable housing in NSW.
    • $200 million in financial incentives for councils that meet the new expectations for development applications, planning proposals and strategic planning.
    • $450 million to build new apartments for essential workers including nurses, paramedics, teachers, allied health care workers, police officers and firefighters.

    Once a project has been declared SSD, the proponent will be issued Secretary’s Environmental Assessment Requirements (SEAR). Proponents then have nine months to prepare their Environmental Impact Statement or the SEARs will be revoked.

    Clear advice and guidance will be provided to all applicants by the department on the next steps to take with their development proposal. This advice includes an alternative planning pathway for major housing projects that may require a concurrent rezoning but do not satisfy the criteria of the HDA pathway.

    Recommendations from the HDA are published as required under the Environmental Planning and Assessment Act 1979 before the SSD declaration. For more information visit the Housing Delivery Authority webpage.

    Premier of New South Wales Chris Minns said:

    “We are fast-tracking quality housing proposals to help deliver homes our state desperately needs.

    “These major projects could deliver thousands of homes for young people, families and workers.

    “The Housing Delivery Authority is a major change that is already making it easier and faster to get started.

    “Without our changes to increase housing supply, Sydney risks becoming a city without a future because it’s simply too expensive to put a roof over your head.”

    Minister for Planning and Public Spaces Paul Scully said:

    “The Minns Labor Government established the HDA to reduce the time it takes for proposals to progress through a planning pathway, and it is pleasing to see the that the first two HDA meetings have delivered quality proposals that will now develop detailed proposals.

    “So far, 29 proposals amounting to more than 15,000 potential homes have been declared state significant.

    “The quality of proposals recommended to me by the HDA shows that developers are hearing the message, we’re looking for major housing developments that can get out of the ground quickly.”

    MIL OSI News –

  • MIL-OSI USA: SBA Relief Still Available to Minnesota Private Nonprofits Affected by Severe Storms and Flooding

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Minnesota of the March 28, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring June 16 through July 4, 2024. 

    The disaster declaration covers the counties of Blue Earth, Brown, Carver, Cass, Cook, Cottonwood, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Houston, Itasca, Jackson, Lake, Le Sueur, Martin, McLeod, Mower, Murray, Nicollet, Nobles, Pipestone, Redwood, Renville, Rice, Rock, Sibley, St. Louis, Steele, Wabasha, Waseca, Watonwan and Winona. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.” 

    The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 28, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Global: We need to switch to heat pumps fast – but can they can overcome this problem?

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    StockMediaSeller/Shutterstock

    People in the UK need to adopt heat pumps and electric vehicles as fast as they once embraced refrigerators, mobile phones and internet connection according to a new report by the Climate Change Committee (CCC).

    This government watchdog says the next 15 years will be critical for decarbonising the UK, one of the world’s largest (and earliest) carbon polluters. Eighty-seven percent of its climate-heating emissions must be eliminated by 2040 to keep the country on track for net zero emissions by mid-century, per the report. The majority (60%) of these cuts are expected to come via a single source: electricity.

    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

    Out of possible alternatives to a fossil fuelled economy, electrification has emerged as the favoured solution of experts at the CCC.

    Ran Boydell, an associate professor in sustainable development at Heriot-Watt University, agrees. “Home boilers will very soon move into the realm of nostalgia,” he says.



    Read more:
    UK ban on boilers in new homes rules out hydrogen as a heating source

    The reason why heat pumps are increasingly touted as the future of home heating – and not retooled boilers that burn hydrogen instead of methane – is efficiency.

    Boydell points out that green hydrogen fuel is made using electricity from solar and wind farms. We could eliminate emissions a lot quicker, he argues, if that electricity went directly to heat pumps instead.

    Electricity can be turned into a fuel – or power appliances directly.
    Piyaset/Shutterstock

    “This is because you end up with only two-thirds of the energy in the hydrogen that you started with from the electricity,” he says.

    Likewise, battery-powered vehicles have an advantage that has allowed them to race ahead of hydrogen fuel cells to comprise almost a fifth of all new vehicles sold in the UK in 2024.

    “An electric vehicle can be recharged wherever there is access to a plug socket,” say Tom Stacey and Chris Ivory, supply chain experts at Anglia Ruskin University. “The infrastructure that exists to support hydrogen vehicles is limited in comparison and will require extensive investment to introduce.”



    Read more:
    The days of the hydrogen car are already over

    If the route to zero emissions is largely settled, we need to travel it quickly.

    Electric dreams

    One of the fastest energy transitions in history occurred over a decade in South Korea, according to energy system researchers James Price and Steve Pye (UCL). Between 1977 and 1987, the generation of electricity from oil in the east Asian country collapsed – from roughly 7 million gigawatt-hours to nearly 7,000 – and was replaced with, among other sources, nuclear power.

    There are historic analogues for the rapid shift necessary to arrest climate change. But a zero-carbon power sector, which the UK government aims to achieve by 2030, is just the start.



    Read more:
    For developing world to quit coal, rich countries must eliminate oil and gas faster – new study

    “Wind and solar, which provide more than 28% of the UK’s electricity, will soon overtake gas as the main generation source as more wind farms come online,” say energy system modeller Andrew Crossland and engineer Jon Gluyas, both of Durham University.

    “But successive governments have failed to achieve the same result in homes and communities where so much high-carbon gas is burned, despite their decarbonisation being critical to net zero.”



    Read more:
    Is Britain on track for a zero-carbon power sector in six years?

    Crossland and Gluyas note that solar panels, batteries and heat pumps can be installed “in days” to rapidly cut emissions, and that doing so would create “skilled jobs across the country”. As things stand, however, it would also present a severe challenge to the grid.

    Mechanical engineer Florimond Gueniat of Birmingham City University predicts that converting UK transport to battery power wholesale would require expanding grid capacity by 46% – the equivalent of erecting 5,800 skyscraper-sized wind turbines. And that’s even accounting for the greater efficiency of electric vehicles, which waste less of the energy we put into them compared with oil-powered cars.



    Read more:
    Switching to electric vehicles will push the power grid to the brink

    A massive upgrade to the electricity network is needed, and ordinary people have a part to play. Charging cars could serve as batteries that grid operators draw from during a supply pinch. The same goes for the power generated by solar panels on top of houses.

    “Such policies in Germany have … already offset 10% of the national demand,” says Gueniat.

    Getting to net zero requires the public’s involvement. But some of the CCC’s advice may be difficult to swallow. Not least the implication that people will have to eat 35% less meat and dairy in 2050 compared with 2019.



    Read more:
    The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers

    So are people ready for a world that runs on electrons alone? Aimee Ambrose, a professor of energy policy at Sheffield Hallam University, thinks heat pumps will struggle to compete with the inviting warmth of wood stoves and coal fires. Over three years she spoke with hundreds of people in the UK, Finland, Sweden and Romania and found strong attachments to high-carbon fuels even among people committed to solving climate change.

    The allure of the wood stove is hard to ignore.
    Jaromir Chalabala/Shutterstock



    Read more:
    Heat pumps have a cosiness problem

    Human behaviour is the most difficult variable for experts who study climate change to model. There will certainly be drawbacks to abandoning fossil fuelled conveniences at breakneck speed. Yet, there are bound to be benefits too – some of which might only materialise once we get going.

    In mid-April 2020, while much of humanity was under some form of lockdown to halt the spread of COVID-19, atmospheric chemist Paul Monks of the University of Leicester was marvelling at the sudden drop in air pollution, which kills millions of people each year and is predominantly caused by burning coal, oil and gas.

    “If there is something positive to take from this terrible crisis, it could be that it’s offered a taste of the air we might breathe in a low-carbon future,” he said.



    Read more:
    Coronavirus: lockdown’s effect on air pollution provides rare glimpse of low-carbon future

    – ref. We need to switch to heat pumps fast – but can they can overcome this problem? – https://theconversation.com/we-need-to-switch-to-heat-pumps-fast-but-can-they-can-overcome-this-problem-249658

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Tax Side Event – Domestic Resource Mobilisation: Bridging the Tax Gap [as prepared for delivery]

    Source: United Nations secretary general

    H.E. Mr. Enoch Godongwana, Minister of Finance of South Africa, 
    Excellencies,
    It is a pleasure to join you for this important discussion on domestic resource mobilization and bridging the tax gap.
    This challenge stands at the heart of financing sustainable development, and demands our urgent attention.
    We are not on track to achieve the Sustainable Development Goals. 
    We have an estimated $4 trillion sustainable development financing gap annually. 
    Domestic public finance is essential for financing the Sustainable Development Goals, increasing equity and strengthening macroeconomic stability. 
    Robust fiscal systems, including both tax and expenditure, drive economic growth, industrial transformation and environmental sustainability – contributing to alleviating poverty and reducing inequalities. 
    Beyond raising revenue, taxation remains fundamental to fairness, trust, and sovereignty.
    Yet, after significant increases in taxation in developing countries in the decade before 2009, average tax-to-GDP ratios for all developing country groups are below 2010 levels, remaining far below those of developed countries. 
    Successive shocks over the last two decades have severely impacted the mobilization of domestic resources for development.  
    As global crises intensify, it becomes more critical than ever to increase countries’ taxation capabilities. 
    The good news is that there is a large unmet tax potential in many developing countries. 
    Many governments have invested in tax reforms, demonstrating how nations can unlock unmet potential. 
    Strengthening tax systems requires sustained investment in capacity development based on country needs and priorities.  
    As economies evolve, so must tax systems. 
    The increasingly digitalized economy presents new opportunities, but also poses new challenges to an international tax system that has been designed for traditional business models. 
    We must develop future-ready tax policies that ensure global fair taxation without imposing excessive burdens – both on taxpayers and tax authorities. 
    Many organizations – including the UN, IMF, OECD, World Bank, and regional and national tax bodies – are supporting countries in this effort. 
    Initiatives like Tax Inspectors Without Borders help countries enhance domestic revenue mobilization. The Addis Tax Initiative and broader multilateral and regional efforts provide platforms for collaboration, knowledge-sharing, and technical assistance. 
    However, political will remains insufficient – with countries not investing enough in tax system reform and administration capacity, and donors not delivering promised assistance for supporting revenue mobilization.
    The Fourth International Conference on Financing for Development, in Sevilla in June, offers a pivotal moment to turn commitments for domestic tax reforms into actions, and make tax systems more fair, transparent, efficient and effective.
    In our interconnected world, strengthening countries’ fiscal frameworks must go hand-in-hand with international tax cooperation. 
    Every year, billions of dollars that should fund education, healthcare, and infrastructure are lost to tax avoidance and evasion, illicit financial flows, and financial crime. 
    Africa alone loses approximately $88.6 billion annually to illicit financial flows – around 3.7% of the continent’s GDP – draining resources vital for economic development. 
    The G20 has played an important role in advancing tax transparency and tackling tax avoidance. Expanding the automatic exchange of information and enhancing transparency in beneficial ownership remain paramount. 
    But more must be done to ensure that all countries – particularly those with limited administrative capacity – can fully participate in shaping global tax norms. 
    The ongoing negotiations on a UN Framework Convention on International Tax Cooperation, present a historic opportunity for progress toward a fair, inclusive, and effective international tax system.
    Through the Pact for the Future, Member States have committed to improving the inclusiveness and effectiveness of tax cooperation under the UN. 
    Ensuring that international tax rules reflect the diverse needs, priorities, and capacities of all countries is central to this effort.  
    The two early protocols in the UN Convention – on taxation of income from cross-border services in a digitalized and globalized economy and on preventing and resolving tax disputes – can demonstrate an inclusive and impactful approach. 
    The UN process can strengthen global cooperation, enhance legitimacy, certainty, resilience, and fairness of international tax rules, while addressing challenges in domestic resource mobilization and ensuring that all countries have a seat at the table.  
    Today’s discussion is an opportunity to drive forward these critical issues. 
    The United Nations remains fully committed to these efforts.
    Together, we can build a fairer, more transparent, and more effective international tax system – one that provides every country with the means to invest in its future and achieve the Sustainable Development Goals.
    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI USA: Duckworth Statement on Second Wave of VA Layoffs, Including Veteran Crisis Line Workers

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    February 26, 2025

    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of both the U.S. Senate Armed Services and Veterans’ Affairs Committees who still receives her own health care services through the U.S. Department of Veterans Affairs (VA)—issued the following statement after Donald Trump’s VA laid off an additional 1,400 employees, including workers with the Veteran Crisis Line (VCL), after laying off more than 1,000 employees earlier this month:

    “Donald Trump has fired more Veterans than any other Administration in our lifetimes. With yet another indiscriminate purge at the VA, Trump is leaving devoted public servants jobless—many of whom are Veterans themselves—and continuing to inflict needless pain on our nation’s heroes. Contrary to what VA Secretary Collins says, there are no ‘non-critical’ VA positions when it comes to ensuring Veterans receive the care they’ve earned—including at the Veteran Crisis Line.

    “After I pushed Secretary Collins to reinstate workers with VCL in the wake of the first VA purge, I’m outraged to learn that more VCL workers were caught up in the latest firings—and worse yet, that Secretary Collins continues to double down and deny that he ever inflicted any damage on the department at all. Well, that’s a lie. I heard from several workers who all play pivotal roles in helping ensure the hotline can best serve our Veterans in their darkest moments. Claiming that only those who answer the phones are essential is an insult to the service and commitment to our heroes of so many who ensure that someone is ready to listen and help in a moment of crisis.

    “Donald Trump promised to look out for our Veterans, but every day he allows Elon Musk—the world’s richest man—to fire VA employees or any Veteran in an effort to fund tax cuts for billionaires, he is proving he has no problem selling out our heroes if it means a chance to line his own pockets.”

    Last week, Duckworth joined U.S. Senator and SVAC Ranking Member Richard Blumenthal (D-CT) and a group of 34 Democratic Senators calling on Department of VA Secretary Collins to immediately reinstate the more than 1,000 VA employees terminated earlier this month who serve Veterans and their families nationwide, including critical employees addressing Veteran suicide working at the Veterans Crisis Line.

    Additionally, Duckworth led her fellow Democratic SVAC colleagues in demanding that the Trump Administration and unelected billionaire Elon Musk immediately restart operations at the Consumer Financial Protection Bureau (CFPB) in order to protect our nation’s heroes from financial predators.

    If you are a VA employee or Veteran impacted, please reach out to the Senate Veteran Affairs Committee by filling out this form.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Senator Coons, colleagues introduce bipartisan, bicameral bill to restore injunctive relief for patent infringement

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Tom Cotton (R-Ark.) today introduced the Realizing Engineering, Science, and Technology Opportunities by Restoring Exclusive (RESTORE) Patent Rights Act of 2025. This bipartisan, bicameral bill would restore the presumption that courts will issue an injunction to stop patent infringers, strengthening protections for U.S. inventors, entrepreneurs, universities, and startups. This legislation was initially introduced in the 118th Congress. Representatives Nathaniel Moran (R-Texas) and Madeleine Dean (D-Pa.) also introduced the House companion bill. 

    “Thanks to a wrongheaded decision from the Supreme Court, there are now companies who steal patented technologies rather than license them from inventors and then justify their actions as simply the cost of doing business. Innovators at universities and startups who lack resources are often unable to stop patent infringement in court and are forced into licensing deals they do not want,” said Senator Coons. “The RESTORE Patent Rights Act will protect innovators across the country, stop the infringe-now, pay-later model in its tracks, and strengthen America’s economic competitiveness for generations to come.”

    “American ingenuity should be rewarded and protected,” said Senator Cotton. “Current patent law fails to protect inventors and leaves them vulnerable to intellectual property theft from adversaries like China. This bipartisan legislation will help solidify America’s edge in technological innovation.”

    For more than two centuries, courts granted injunctive relief in most patent cases upon a finding of infringement, preventing patent infringers from continuing to produce goods that ran afoul of patent laws. However, this practice was upended in 2006 when the Supreme Court’s decision in eBay v. MercExchange created a four-factor test to determine whether a permanent injunction is warranted in infringement cases, altering the longstanding remedy for patent infringement.

    Since that decision, obtaining injunctive relief in patent cases has become significantly more difficult and rare. A recent study found that requests for permanent injunctions in patent cases fell by 65% for companies that use their patented technology to manufacture a product; grants of permanent injunctions to those companies fell even more significantly. Requests and grants for licensing patent owners like universities and research clinics dropped even further: Requests fell by 85%, and grants fell by 90%. 

    The RESTORE Patent Rights Act would undo the damage of the eBay decision by returning to patent owners a rebuttable presumption that an injunction is warranted after a court makes a final ruling that their rights are being infringed. This would deter predatory infringers and restore meaning to the right to exclude.

    “American innovation is only as strong as the confidence in knowing ideas cannot be stolen by competitors. In the last two decades, innovators have found it harder to obtain a permanent injunction from U.S. courts, which stops bad actors from stealing their intellectual property (IP). Our legislation will restore the rights of American innovators by ensuring permanent injunctions are accessible from U.S. courts. This bill will provide greater certainty in the protection of IP and prevent cases from being taken overseas to countries like China. When U.S. courts enforce the exclusivity of patent rights, America becomes a world leader in innovation,” said Congressman Moran.  

    “Enforceable patents are vital to our ability to invent, improve and advance – yet today, it is increasingly difficult for patent holders to enforce their rights through permanent injunctions, even after proving infringement in court,” said Congresswoman Dean. “The bipartisan, bicameral RESTORE Act addresses this issue and safeguards American innovation. I’m grateful to be joined by Congressman Moran, Senator Coons, and Senator Cotton in our push to protect patentholders, including universities, research laboratories, and startups.”

    The Innovation Alliance, Council for Innovation Promotion, Association of University Technology Managers, Conservatives for Property Rights, Alliance of U.S. Startups & Inventors for Jobs, The Institute of Electrical and Electronics Engineers-USA, Inventors Defense Alliance, and the Medical Device Manufacturers Association have endorsed the RESTORE Patent Rights Act.

    “The Innovation Alliance applauds Senators Coons and Cotton and Representatives Moran and Dean for reintroducing the bipartisan, bicameral RESTORE Patent Rights Act. With a simple, single-sentence clarification of the law, RESTORE will bring balance back to patent law and allow small inventors to stand toe to toe with Big Tech after a court has ruled that Big Tech is stealing their inventions. We urge Congress to pass this vital bill,” said Brian Pomper, Executive Director of the Innovation Alliance.

    “Our nation’s economic success and national security depend on inventors having confidence that their intellectual property will not be unfairly exploited,” said Andrei Iancu, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2018 to 2021. “The RESTORE Patent Rights Act will provide inventors with the reassurance they need to propel American leadership in critical technology fields.”

    “Now more than ever, it’s critical that our leaders stand up for the startups and entrepreneurs who drive our nation’s economy and create life-changing breakthroughs,” said David Kappos, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2009 to 2013. “By passing the RESTORE Patent Rights Act, Congress can reinvigorate the U.S. patent system and reaffirm America’s commitment to protecting its innovators.”

    “AUTM thanks Senator Coons and the other co-sponsors for introducing this legislation. Strengthening the ability of patent holders to protect their patents via injunction is crucial to incentivizing innovation. We look forward to working with the committee on this important legislation,” said Steve Susalka, CEO of AUTM. 

    “The RESTORE Patent Rights Act restores meaning to the promised exclusive rights to one’s invention. Without fully enforceable exclusive rights, the inventor’s end of the ‘patent bargain’ is broken. Since 2006, the Supreme Court’s eBay v. MercExchange ruling has made permanent injunction extremely difficult to obtain in patent infringement cases. Courts have thereby turned the right to exclude into a compulsory licensing clause. This is unjust. The RESTORE Patent Rights Act ends the judicially created categorical rule of routinely denying injunctions. It restores the historical remedy of injunctive relief in patent cases, as it is with other forms of property, including other intellectual property,” said James Edwards, Executive Director, Conservatives for Property Rights. 

    “The RESTORE Patent Rights Act is, perhaps, the most impactful thing that can be done to empower American inventors, entrepreneurs and disruptive startups. The ability to pursue injunctive relief when a competitor infringes on a patented invention was the standard in the United States for over 200 years. The Supreme Court moved the goalposts in 2006 and set up a convoluted test that makes it nearly impossible for a growth tech startup to stop the predatory infringement of their intellectual property by larger competitors. This practice has been perfected by Big Tech companies that now routinely ingest the innovations of disruptive competitors knowing that they cannot be stopped. Patent law and legislation is often complicated. The RESTORE Act is not. It is a clear and unambiguous bill that simply restores balance between large corporations that ingest others’ IP and the startups and entrepreneurs that invent it,” said Chris Israel, Executive Director of The Alliance of U.S. Startups & Inventors for Jobs (USIJ).

    “A functioning IP system must be fair, and as importantly, be perceived to be fair. Nondiscriminatory access to the legal system for enforcing and defending IP property rights is essential for securing the property rights necessary for investment. When innovators are unable to secure the property right embodied in a patent, investment is deterred and commercial activity, innovation and job creation impeded,” said Timothy Lee, IEEE-USA president.

    “The RESTORE Patent Rights Act is a crucial step in safeguarding America’s small businesses, startups, and entrepreneurs from predatory patent infringement. By providing a clear path for justice and injunctive relief, this bill empowers innovators and fosters a more equitable patent system that benefits American inventors and consumers,” said Kristen Osenga, the chief policy counselor at the Inventors Defense Alliance.

    “There unfortunately continues to be ongoing efforts across the world to steal American innovations and intellectual property, and it is critical that Congress establishes new protections so that the United States can remain the global leader in medical technology innovation,” said Mark Leahy, President and CEO, Medical Device Manufacturers Association. “The ‘RESTORE Patent Rights Act’ would help restore a level playing field if enacted, and would codify the presumption that a permanent injunction will be granted after infringement is proven.  MDMA applauds Senators Coons and Cotton and Representatives Moran and Dean for their leadership in helping America’s innovators protect their intellectual property, and we will continue to work closely with them so the medical technology ecosystem can deliver the cures, therapies and diagnostics that patients and providers need.”

    The text of the bill is available here.

    A one-pager is available here.

    MIL OSI USA News –

  • MIL-OSI Canada: RTR Bill Improves Housing, Trades and Charities

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Australia: Australians at risk: how deceptive online tactics are manipulating us

    Source: University of South Australia

    27 February 2025

    Australians are being manipulated online every day through digital tactics designed to trick them into handing over personal data, making unintended purchases and engaging with online platforms in ways they had never intended.

    A new report by the University of South Australia reveals that these deceptive patterns – also known as ‘dark patterns’ – are found in 95% of the world’s most popular apps, and more than 11% of major online shopping platforms.

    They are widespread across social media, e-commerce and mobile applications, posing significant risks to consumers’ autonomy, privacy and financial security.

    The report, commissioned by the Federal Treasury, highlights the deceptive patterns that influence and manipulate consumer behaviour.

    These include misleading countdown timers that create a sense of urgency, hidden fees, pre-selected consent options, and obstacles to unsubscribing from services and websites.

    Lead author of the report, Dr James Baumeister from UniSA’s Australian Research Centre for Interactive and Virtual Environments (IVE) says that deceptive patterns have become a major consumer protection issue, with Australians spending more time and money online.

    “These tactics are designed to manipulate users into actions they wouldn’t normally take, whether it’s making an unintended purchase, giving away more data than necessary, or simply struggling to cancel an unwanted subscription,” Dr Baumeister says.

    The report reveals that no one is immune to deceptive patterns, but some groups are more vulnerable than others.

    Older Australians and those with lower digital literacy are at higher risk, often failing to recognise misleading online tactics. Teenagers are also targeted through social media platforms, where deceptive engagement techniques keep them scrolling for hours longer than intended.

    “The financial impact is substantial,” Dr Baumeister says. “One in four Australians report difficulty understanding promotional price tags in physical stores and this issue is exacerbated online, with hidden fees and misleading sales tactics leading to unexpected costs.”

    Report co-author, UniSA Enterprise Fellow Dr James Walsh, says companies are using artificial intelligence profiling to predict and manipulate user behaviour with increasing accuracy.

    “Fake reviews, manipulative cookie consent pop-ups, and misleading product recommendations are all being enhanced through AI technologies, making consumers even more vulnerable,” Dr Walsh says.

    The report argues that awareness alone is not enough to protect consumers. Regulatory reform and enforcement are urgently needed to curb deceptive practices and hold companies to account.

    “While Australian consumer laws address some blatant deceptive patterns, many subtle tactics still fall through legal loopholes.

    “We need a multi-faceted approach. Regulators must act, companies need to be held accountable, and consumers should be equipped with the knowledge and tools to protect themselves,” Dr Walsh says.

    Note to editors

    The report, titled “Patterns in the Dark: Deceptive Practices in Online Interactions,” was prepared by IVE researchers Dr James Baumeister, Ji-Young Park, Dr Andrew Cunningham, Associate Professor Stewart Von Itzstein, Professor Ian Gwilt, Dr Aaron Davis and Dr James Walsh.

    For a copy of the report please email candy.gibson@unisa.edu.au

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Research contact: Dr James Baumeister E: james.baumeister@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI New Zealand: Going for Growth: Multi-million dollar benefits possible for farmers and growers

    Source: New Zealand Government

    Regulation Minister David Seymour, Environment Minister Penny Simmonds and Food Safety Minister Andrew Hoggard have today released the Ministry for Regulation’s recommendations to cut red tape on products used by the agriculture and horticulture sectors.
    “HSNO and ACVM products used to manage animals and plants like veterinary medicines and agrichemicals are absolutely critical for farmers and growers. Technological developments in these products can be the difference between surviving, or thriving,” Mr Seymour says. 
    “Some farmers and growers told us they had waited over five years for their applications for new products to be approved by the Environmental Protection Authority (EPA) and the Ministry for Primary Industries (MPI). That’s completely unacceptable and it’s costing the economy millions in lost productivity.
    “The Government is cutting red tape to ensure farmers and growers can quickly access the high-quality products they need so we can grow the economy.
    “Faster access to new products for farmers and growers will lift primary sector productivity and growth.
    “The review found that halving approval times for new products is estimated to generate benefits of $272 million over 20 years for New Zealand farmers and growers. 
    “Cabinet has accepted all 16 recommendations, including:

    Setting targets to accelerate assessments and reduce application queues
    Increasing the use of HSNO rapid pathways, ACVM registration exemptions and self-assessments for appropriate applications
    Reducing ACVM efficacy requirements for inhibitors to the minimum required to manage risk
    Using international regulators’ assessments to save time
    Exploring a strategic pathway for priority products 
    Updating EPA’s outdated risk assessment models.

    Minister for the Environment Penny Simmonds says the Environmental Protection Authority (EPA) has already been working to improve the Hazardous Substances and New Organisms (HSNO) system. 
    “This has included looking to appoint additional staff in the hazardous substances applications area, creating a prioritisation framework for the approval queue and developing new group standards for low-risk hazardous substances,” Minister Simmonds says.
    “These are good first steps to help achieve some of the review recommendations, and I expect improvements to continue at pace.”
    Minister for Food Safety Andrew Hoggard says the Ministry for Primary Industries (MPI) will be addressing review recommendations as part of a wider Agricultural Compounds and Veterinary Medicines (ACVM) Modernisation work programme.
    “Eight out of the 13 recommendations that are applicable to MPI are already in progress or can start now,” Minister Hoggard says.
    “MPI has been extremely proactive, working alongside the Ministry for Regulation to start work on the recommendations and I look forward to seeing further progress this year.”
    The Agricultural and Horticultural Products Regulatory Review ran from August to December 2024. The review was of the approval process for new agricultural and horticultural products and was triggered by concern that additional regulatory burden on these products was worsening New Zealand’s international competitiveness.  
    Notes to editors: 
    Agricultural and Horticultural Products Regulatory Review Report: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-full-report.pdf
    Agricultural and Horticultural Products Regulatory Review Summary Report: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-summary-report.pdf
    Agricultural and Horticultural Products Regulatory Review Summary of Engagement https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-summary-engagement.pdf
    Sense Partners Scenario analysis of economic impacts: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-scenario-analysis.pdf
    Other information about the review can be found on the Ministry for Regulation’s website: Agricultural and horticultural products regulatory review | Ministry for Regulation cultural Products Regulatory Review – briefings to joint Ministers 
    All information can be found in the ‘Our publications’ section of the Ministry for Regulation’s website here: https://www.regulation.govt.nz/about-us/our-publications/
     
     

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General James Announces Indictment of Queens Residents for Deed Theft and Forgery Scam That Stole Over $1.5 Million from Elderly Queens Resident

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced the indictment and arraignment of Satwattie Martinez, 58, of Queens, and Joseph Uwagba, 68, of Queens, for their roles in stealing the home and personal funds of Martinez’s elderly and vulnerable neighbor. Martinez used forged documents notarized by Uwagba to steal her neighbor’s home and approximately $790,000 of the neighbor’s personal funds. Martinez then used the stolen funds for personal expenditures, including paying off credit card balances, shopping, travel, and remodeling the home that she stole. Martinez and Uwagba were each charged for forging documents and Martinez was separately charged with additional crimes for stealing her neighbor’s home and money. Using the documents that she forged and Uwagba falsely notarized, Martinez stole her elderly neighbor’s home and personal funds, together totaling more than $1.5 million.

    “Deed theft is a heartless, terrible crime that robs innocent people of their most valuable possession: their home,” said Attorney General James. “No one should ever have to fear their home being stolen out from underneath them, especially not from their own neighbor. Satwattie Martinez targeted her elderly neighbor to steal generational wealth that he built for himself and his family. I will continue to fight for New York homeowners and do everything in my power to keep them in their homes.”

    The Office of the Attorney General’s (OAG) investigation found that starting in November 2021, Martinez preyed upon her elderly and vulnerable neighbor, who had been hospitalized and was residing in a nursing home prior to his death. Martinez allegedly forged a deed and filed falsified documents, which were notarized by Uwagba, to transfer her neighbor’s home located at 133-12 128th Street in Queens to herself as sole owner.

    In addition to forging the deed and stealing her elderly neighbor’s home, Martinez also falsified a power of attorney and appointed herself as the legal agent for her neighbor by forging the names of unsuspecting friends as witnesses. Martinez then used the power of attorney to steal more than $790,000 from her neighbor’s investment account and unsuccessfully attempted to steal additional funds from his bank account and other accounts. Martinez used part of the stolen funds for personal expenditures, including remodeling the stolen home, which her daughter and son-in-law moved into and currently reside in.

    Martinez also created a joint bank account using her neighbor’s personal information to steal additional funds. She deposited checks that were payable to her elderly neighbor and used these stolen funds for personal expenses.

    After forging the deed to her neighbor’s home and stealing his personal finances, Martinez also falsified a last will and testament for him by forging the signatures of the same two unsuspecting friends. In the will, Martinez falsely indicated that her neighbor had no family and that all of his property was bequeathed to her. Martinez was communicating with her neighbor’s brother, who resides outside the United States, and represented herself as his caregiver and friend.

    Upon discovery of Martinez’s thefts by a concerned citizen who reported the suspected crimes to the New York City Sheriff’s Office, Martinez tried to move her neighbor to a different nursing home and directed nursing home staff not to let anyone visit him. The deed, power of attorney, last will and testament, and other forged documents were falsely notarized by Uwagba, a notary qualified in Queens County.

    Martinez and Uwagba were arraigned today before Supreme Court Judge Leigh Cheng in Queens County. Following the arrests and arraignments, Martinez was ordered to surrender her passports and released on supervised release. Uwagba was released on his own recognizance.

    Martinez was charged with the following crimes:

    • Grand Larceny in the First Degree, a class B felony;
    • Criminal Possession of Stolen Property in the First Degree, a class B felony;
    • Burglary in the Second Degree, a class C violent felony;
    • Grand Larceny in the Second Degree, a class C felony;
    • Criminal Possession of Stolen Property in the Second Degree, a class C felony;
    • Money Laundering in the Second Degree, a class C felony;
    • Forgery in the Second Degree, a class D felony;
    • Criminal Possession of a Forged Instrument in the Second Degree, a class D felony;
    • Offering a False Instrument for Filing in the First Degree, a class E felony; and
    • Identity Theft in the Second Degree, a class E felony.

    The maximum sentence on the top count is 25 years. Uwagba was charged with Forgery in the Second Degree, a class D felony. The maximum sentence is seven years. The charges against the defendants are merely accusations and the defendants are presumed innocent until and unless proven guilty in a court of law.

    This is the latest action in Attorney General James’ efforts to protect New York homeowners from deed theft and other housing-related scams. In October 2024, Attorney General James and Bronx District Attorney Darcel Clark announced the arrests of three real estate scammers for stealing over $250,000 from New Yorkers and for their roles in a deed theft scheme to steal the childhood home of a Bronx resident. In July 2024, Attorney General James announced the conviction and sentencing of the leader of a Queens deed theft ring that stole homes in Jamaica and St. Albans, Queens. In July 2023, she announced the indictment and arraignment of Joseph Makhani of Long Island for deed theft. In April 2023, Attorney General James announced two pieces of legislation to strengthen protections and remedies for victims of deed theft, which have both been signed into law. In February 2021, Attorney General James announced an $800,000 grant to combat deed theft in vulnerable neighborhoods. Attorney General James also launched the Protect Our Homes initiative in January 2020 and the formation of an interagency law enforcement task force to respond to deed theft and other real estate fraud.

    The OAG thanks the New York State Police for the criminal referral and its assistance with this investigation and prosecution. The OAG also thanks the New York City Sheriff’s Office and the New York City Department of Finance for their assistance.

    The case was investigated by Detectives Sal Ventola and Teresa Russo under the direction of Supervising Detectives Anna Ospanova and Walter Lynch, and all under the supervision of Deputy Chief Juanita Bright. The Investigations Bureau is led by Chief Oliver Pu-Folkes. The audit function was undertaken by Senior Auditor Investigator Brenna Magruder under the supervision of Deputy Chief Auditor Sandy Bizzarro. The audit team is led by Chief Auditor Kristen Fabbri.

    Assistant Attorney General Lauren Sass is handling the prosecution in this matter under the supervision of the Real Estate Enforcement Unit Section Chief Nicholas John Batsidis, Public Integrity Bureau Chief Gerard Murphy, and Deputy Chief Kiran Heer, with assistance from Legal Support Analyst Meredith Youngblood and Legal Assistant Glenis Biscette. Both the Investigations Bureau and the Public Integrity Bureau are part of the Division for Criminal Justice. The Division for Criminal Justice is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI: Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26.2.2025 at 11.40 p.m.

    Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    The Board of Directors of Aktia Bank Plc (hereinafter “Aktia” or “company”) has decided that the Annual General Meeting will be held on 3 April 2025 at 4.00 p.m. at Pikku-Finlandia, Karamzininranta 4 in Helsinki.

    The company will publish the invitation to the Annual General Meeting separately later. The invitation will contain more detailed information on registration and attendance at the General Meeting.

    In addition to the proposals set forth by the Board of Directors below, the proposals of the Shareholders’ Nomination Board for the Annual General Meeting 2025 concerning the number of members and election of the Board of Directors and the remuneration of the Board of Directors have been published in a separate Stock Exchange Release on 31 January 2025.

    Adoption of the financial statements and the consolidated financial statements

    The Board of Directors proposes that the Annual General Meeting will decide on adopting the financial statements. The company’s auditor has recommended adopting the financial statements.

    Resolution on the use of the profit shown in the balance sheet and the payment of dividend

    The Board of Directors proposes that a dividend of EUR 0.82 per share shall be paid for the financial year 2024.

    Shareholders registered in the register of shareholders of the company maintained by Euroclear Finland Ltd on the record date for the dividend payment 7 April 2025 are entitled to the dividend. The Board of Directors proposes that the dividend shall be paid out on 14 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    Aktia Bank Plc’s Remuneration Report for 2024

    The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed. The Remuneration Report is expected to be published on or about 13 March 2025.

    Resolution on the auditor’s and sustainability reporting assurance provider’s remuneration

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. The Board of Directors also proposes that remuneration shall be paid to the sustainability reporting assurance provider against a reasonable invoice for measures related to the assurance of sustainability reporting.

    Determination of the number of auditors and sustainability reporting assurance providers

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that the number of auditors and sustainability reporting assurance providers shall be one (1).

    Election of the auditor and the sustainability reporting assurance provider

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Tiia Kataja, APA, as auditor-in-charge. The Board of Directors also proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, an Authorised Sustainability Audit Firm, shall be elected as sustainability reporting assurance provider, with Tiia Kataja, Authorised Sustainability Auditor (ASA), as sustainability reporting assurance provider-in-charge. The auditor and the sustainability reporting assurance provider shall be elected for a term of office beginning when the Annual General Meeting 2025 has ended and continuing up until the Annual General Meeting 2026 has ended.

    Authorising the Board of Directors to decide on issue of shares or special rights entitling to shares referred to in Chapter 10 of the Companies Act in one or several tranches

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Companies Act, as follows:

    A maximum amount of 7,316,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company.

    The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders’ pre-emptive subscription right to the company’s shares (directed share issue).

    The Board of Directors has the right to use this authorisation, among other things, to strengthen the company’s capital base, for the company’s share-based incentive scheme, acquisitions and/or other corporate transactions.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the issue authorisation given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide on acquisition of own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company.

    The company’s own shares may be acquired in one or several tranches using the unrestricted equity of the company.

    The company’s own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company’s own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition).

    The company’s own shares may be acquired to be used in the company’s share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer, retention, or cancellation.

    The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company’s own shares.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide to divest the company’s own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows.

    Based on the authorisation, a maximum of 500,000 shares may be divested.

    Board of Directors is authorised to decide on all additional terms concerning the divestment of the company’s own shares. The divestment of the company’s own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g., for implementing the company’s incentive programs and for remuneration, including divesting the company’s own shares to board members for payment of board remuneration.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. + 358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 860 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024    		 Q4
    2023    		 Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,    		 Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)   —   (9,375)   —  
    Impairment of long-lived assets —   —   1,280   —  
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024    		   December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse) —     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)    		 70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,    		   Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets —     —     1,280     —  
    Allowance for bad debts 13     —     355     —  
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)     —     4,000     —  
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023 —     2.0   —   (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets —     —   1.0   —  
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0     —   0.3   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)     —   3.2   —  
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023 —     0.03   —   (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00     —   0.00   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)     —   0.05   —  
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network –

  • MIL-OSI: Trupanion to Participate in the 46th Annual Raymond James Institutional Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Fawwad Qureshi, Chief Financial Officer, will present at the 46th Annual Raymond James Institutional Investor Conference on Monday, March 3, 2025, at 8:05 a.m. ET and will participate in meetings with investors throughout the day.

    The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
    • Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
    • Record full-year revenue of $130.5 billion, up 114%

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.

    For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.

    For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.

    “Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.

    “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.

    Q4 Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		 Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.0% 74.6% 76.0% Down 1.6 pts Down 3.0 pts
    Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48%
    Operating income $24,034 $21,869 $13,615 Up 10% Up 77%
    Net income $22,091 $19,309 $12,285 Up 14% Up 80%
    Diluted earnings per share* $0.89 $0.78 $0.49 Up 14% Up 82%
    Non-GAAP
    ($ in millions, except earnings
    per share)    		 Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.5% 75.0% 76.7% Down 1.5 pts Down 3.2 pts
    Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53%
    Operating income $25,516 $23,276 $14,749 Up 10% Up 73%
    Net income $22,066 $20,010 $12,839 Up 10% Up 72%
    Diluted earnings per share* $0.89 $0.81 $0.52 Up 10% Up 71%


    Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		 FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.0% 72.7% Up 2.3 pts
    Operating expenses $16,405 $11,329 Up 45%
    Operating income $81,453 $32,972 Up 147%
    Net income $72,880 $29,760 Up 145%
    Diluted earnings per share* $2.94 $1.19 Up 147%
    Non-GAAP
    ($ in millions, except earnings
    per share)    		 FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.5% 73.8% Up 1.7 pts
    Operating expenses $11,716 $7,825 Up 50%
    Operating income $86,789 $37,134 Up 134%
    Net income $74,265 $32,312 Up 130%
    Diluted earnings per share* $2.99 $1.30 Up 130%

    *All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.

    Outlook
    NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $43.0 billion, plus or minus 2%.
    • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

    Highlights

    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
    • Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
    • Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
    • Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
    • Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
    • Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
    • Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
    • Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
    • Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
    • Announced the opening of NVIDIA’s first R&D center in Vietnam.
    • Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.

    Gaming and AI PC

    • Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.
    • Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
    • Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
    • Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
    • Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.

    Professional Visualization

    • Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
    • Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
    • Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
    • Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.

    Automotive and Robotics

    • Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
    • Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.  
    • Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
    • Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
    • Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
    • Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     NVIDIA CORPORATION 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
     (In millions, except per share data) 
     (Unaudited) 
                       
          Three Months Ended   Twelve Months Ended
          January 26,   January 28,   January 26,   January 28,
            2025       2024       2025       2024  
                       
    Revenue $ 39,331     $ 22,103     $ 130,497     $ 60,922  
    Cost of revenue    10,608       5,312       32,639       16,621  
    Gross profit   28,723       16,791       97,858       44,301  
                       
    Operating expenses              
      Research and development     3,714       2,465       12,914       8,675  
      Sales, general and administrative   975       711       3,491       2,654  
        Total operating expenses   4,689       3,176       16,405       11,329  
                       
    Operating income   24,034       13,615       81,453       32,972  
      Interest income   511       294       1,786       866  
      Interest expense   (61 )     (63 )     (247 )     (257 )
      Other, net   733       260       1,034       237  
        Other income (expense), net   1,183       491       2,573       846  
                       
    Income before income tax   25,217       14,106       84,026       33,818  
    Income tax expense   3,126       1,821       11,146       4,058  
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
                       
    Net income per share:              
      Basic $ 0.90     $ 0.51     $ 2.97     $ 1.21  
      Diluted $ 0.89     $ 0.49     $ 2.94     $ 1.19  
                       
    Weighted average shares used in per share computation:              
      Basic   24,489       24,660       24,555       24,690  
      Diluted   24,706       24,900       24,804       24,940  
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
            January 26,   January 28,
            2025   2024
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 43,210   $ 25,984
      Accounts receivable, net     23,065     9,999
      Inventories     10,080     5,282
      Prepaid expenses and other current assets     3,771     3,080
        Total current assets     80,126     44,345
                 
    Property and equipment, net     6,283     3,914
    Operating lease assets     1,793     1,346
    Goodwill     5,188     4,430
    Intangible assets, net     807     1,112
    Deferred income tax assets     10,979     6,081
    Other assets      6,425     4,500
        Total assets   $ 111,601   $ 65,728
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 6,310   $ 2,699
      Accrued and other current liabilities     11,737     6,682
      Short-term debt     –     1,250
        Total current liabilities     18,047     10,631
                 
    Long-term debt     8,463     8,459
    Long-term operating lease liabilities     1,519     1,119
    Other long-term liabilities     4,245     2,541
        Total liabilities     32,274     22,750
                 
    Shareholders’ equity     79,327     42,978
        Total liabilities and shareholders’ equity   $ 111,601   $ 65,728
     NVIDIA CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (In millions) 
     (Unaudited) 
                     
          Three Months Ended     Twelve Months Ended 
         January 26,   January 28,   January 26,   January 28,
           2025       2024       2025       2024  
                      
    Cash flows from operating activities:              
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
    Adjustments to reconcile net income to net cash              
    provided by operating activities:              
      Stock-based compensation expense   1,321       993       4,737       3,549  
      Depreciation and amortization   543       387       1,864       1,508  
      Deferred income taxes   (598 )     (78 )     (4,477 )     (2,489 )
      Gains on non-marketable equity securities and publicly-held equity securities, net   (727 )     (260 )     (1,030 )     (238 )
      Other   (138 )     (109 )     (502 )     (278 )
    Changes in operating assets and liabilities, net of acquisitions:              
      Accounts receivable   (5,370 )     (1,690 )     (13,063 )     (6,172 )
      Inventories   (2,424 )     (503 )     (4,781 )     (98 )
      Prepaid expenses and other assets   331       (1,184 )     (395 )     (1,522 )
      Accounts payable   867       281       3,357       1,531  
      Accrued and other current liabilities   360       1,072       4,278       2,025  
      Other long-term liabilities   372       305       1,221       514  
    Net cash provided by operating activities   16,628       11,499       64,089       28,090  
                      
    Cash flows from investing activities:              
      Proceeds from maturities of marketable securities   1,710       1,731       11,195       9,732  
      Proceeds from sales of marketable securities   177       50       495       50  
      Proceeds from sales of non-marketable equity securities   –       –       171       1  
      Purchases of marketable securities   (7,010 )     (7,524 )     (26,575 )     (18,211 )
      Purchase related to property and equipment and intangible assets   (1,077 )     (253 )     (3,236 )     (1,069 )
      Purchases of non-marketable equity securities   (478 )     (113 )     (1,486 )     (862 )
      Acquisitions, net of cash acquired   (542 )     –       (1,007 )     (83 )
      Other   22       –       22       (124 )
    Net cash used in investing activities   (7,198 )     (6,109 )     (20,421 )     (10,566 )
                      
    Cash flows from financing activities:              
      Proceeds related to employee stock plans   –       –       490       403  
      Payments related to repurchases of common stock   (7,810 )     (2,660 )     (33,706 )     (9,533 )
      Payments related to tax on restricted stock units   (1,861 )     (841 )     (6,930 )     (2,783 )
      Repayment of debt   –       –       (1,250 )     (1,250 )
      Dividends paid   (245 )     (99 )     (834 )     (395 )
      Principal payments on property and equipment and intangible assets   (32 )     (29 )     (129 )     (74 )
      Other   –       –       –       (1 )
    Net cash used in financing activities   (9,948 )     (3,629 )     (42,359 )     (13,633 )
                      
    Change in cash, cash equivalents, and restricted cash   (518 )     1,761       1,309       3,891  
    Cash, cash equivalents, and restricted cash at beginning of period   9,107       5,519       7,280       3,389  
    Cash, cash equivalents, and restricted cash at end of period $ 8,589     $ 7,280     $ 8,589     $ 7,280  
                      
    Supplemental disclosures of cash flow information:              
    Cash paid for income taxes, net $ 4,129     $ 1,874     $ 15,118     $ 6,549  
    Cash paid for interest $ 22     $ 26     $ 246     $ 252  
       NVIDIA CORPORATION 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
       (In millions, except per share data) 
       (Unaudited) 
                         
             Three Months Ended      Twelve Months Ended 
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
                             
      GAAP cost of revenue $ 10,608     $ 8,926     $ 5,312     $ 32,639     $ 16,621  
      GAAP gross profit $ 28,723     $ 26,156     $ 16,791     $ 97,858     $ 44,301  
        GAAP gross margin   73.0 %     74.6 %     76.0 %     75.0 %     72.7 %
        Acquisition-related and other costs (A)   118       116       119       472       477  
        Stock-based compensation expense (B)   53       50       45       178       141  
        Other (C)     –       –       4       (3 )     40  
      Non-GAAP cost of revenue $ 10,437     $ 8,759     $ 5,144     $ 31,992     $ 15,963  
      Non-GAAP gross profit $ 28,894     $ 26,322     $ 16,959     $ 98,505     $ 44,959  
        Non-GAAP gross margin   73.5 %     75.0 %     76.7 %     75.5 %     73.8 %
                             
      GAAP operating expenses $ 4,689     $ 4,287     $ 3,176     $ 16,405     $ 11,329  
        Stock-based compensation expense (B)     (1,268 )     (1,202 )     (948 )     (4,559 )     (3,408 )
        Acquisition-related and other costs (A)   (43 )     (39 )     (18 )     (130 )     (106 )
        Other (C)     –       –       –       –       10  
      Non-GAAP operating expenses $ 3,378     $ 3,046     $ 2,210     $ 11,716     $ 7,825  
                             
      GAAP operating income $ 24,034     $ 21,869     $ 13,615     $ 81,453     $ 32,972  
        Total impact of non-GAAP adjustments to operating income   1,482       1,407       1,134       5,336       4,162  
      Non-GAAP operating income $ 25,516     $ 23,276     $ 14,749     $ 86,789     $ 37,134  
                             
      GAAP other income (expense), net $ 1,183     $ 447     $ 491     $ 2,573     $ 846  
        Gains from non-marketable equity securities and publicly-held equity securities, net   (727 )     (37 )     (260 )     (1,030 )     (238 )
        Interest expense related to amortization of debt discount   1       1       1       4       4  
      Non-GAAP other income (expense), net $ 457     $ 411     $ 232     $ 1,547     $ 612  
                             
      GAAP net income $ 22,091     $ 19,309     $ 12,285     $ 72,880     $ 29,760  
        Total pre-tax impact of non-GAAP adjustments   756       1,371       875       4,310       3,928  
        Income tax impact of non-GAAP adjustments (D)   (781 )     (670 )     (321 )     (2,925 )     (1,376 )
      Non-GAAP net income  $ 22,066     $ 20,010     $ 12,839     $ 74,265     $ 32,312  
                             
      Diluted net income per share (E)                  
        GAAP   $ 0.89     $ 0.78     $ 0.49     $ 2.94     $ 1.19  
        Non-GAAP    $ 0.89     $ 0.81     $ 0.52     $ 2.99     $ 1.30  
                             
      Weighted average shares used in diluted net income per share computation (E)   24,706       24,774       24,900       24,804       24,936  
                             
      GAAP net cash provided by operating activities $ 16,628     $ 17,629     $ 11,499     $ 64,089     $ 28,090  
        Purchases related to property and equipment and intangible assets   (1,077 )     (813 )     (253 )     (3,236 )     (1,069 )
        Principal payments on property and equipment and intangible assets   (32 )     (29 )     (29 )     (129 )     (74 )
      Free cash flow   $ 15,519     $ 16,787     $ 11,217     $ 60,724     $ 26,947  
                             
       
                             
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 118     $ 116     $ 119     $ 472     $ 477  
        Research and development   $ 27     $ 23     $ 12     $ 79     $ 49  
        Sales, general and administrative   $ 16     $ 16     $ 6     $ 51     $ 57  
                             
      (B) Stock-based compensation consists of the following:      
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 53     $ 50     $ 45     $ 178     $ 141  
        Research and development   $ 955     $ 910     $ 706     $ 3,423     $ 2,532  
        Sales, general and administrative   $ 313     $ 292     $ 242     $ 1,136     $ 876  
                             
      (C) Other consists of IP-related costs and assets held for sale related adjustments
     
      (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                             
      (E) Reflects a ten-for-one stock split on June 7, 2024
     NVIDIA CORPORATION 
     RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
         
         Q1 FY2026 Outlook 
        ($ in millions)
         
    GAAP gross margin   70.6 %
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.4 %
    Non-GAAP gross margin   71.0 %
         
    GAAP operating expenses $ 5,150  
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,550 )
    Non-GAAP operating expenses $ 3,600  
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network –

  • MIL-OSI: Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26 February 2025 at 11.30 p.m.

    Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a new long-term share-based incentive plan for selected key employees of the group. The purpose of the plan is to align the interests of the company’s shareholders and key employees in order to increase the company’s value in the long term, to commit key employees to implement the company’s strategy, objectives and long-term interest and to offer them a competitive incentive plan based on earning the company’s shares.

    The plan consists of one three-year performance period, which covers the financial years 2025–2027.

    In the plan, the target group has the opportunity to earn Aktia Bank Plc’s shares based on performance. The performance criteria of the plan are tied to absolute and relative Total Shareholder Return (TSR), Return on Equity and ESG criteria. For certain key persons in asset management, a part of the reward is earned based on income on AuM. The target group may consist of a maximum of 50 key employees, including the CEO and members of the Executive Committee.

    The potential rewards from the plan will be paid after the end of the performance period within approximately four (4) years in five (5) instalments, in accordance with the financial sector legislation. Before payment, the rewards may be reduced based on risk adjustments. The payment of each reward instalment is followed by a one-year (1) retention period, during which the participant cannot dispose of the shares paid as a reward.

    The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 500 000 shares of Aktia Bank Plc, including also the proportion to be paid in cash. The potential reward will be paid partly in Aktia Bank Plc’s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions. As a rule, no reward will be paid if the key employee’s employment or director contract terminates before the end of the performance period.

    The CEO and the Executive Committee members must hold 50 per cent of the received shares, until the value of their total shareholding in the company equals their annual base salary for the previous calendar year. Such number of shares must be held for as long as the membership in the Executive Committee continues.

    Bridge Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a bridge plan for key employees of the group, including CEO and group Executive Committee. The objective of the plan is to support the company’s strategy by motivating the key employees to achieve financial and strategic targets set for the group. In addition, the purpose of the plan is to bridge the transfer from the previous incentive plan with one-year performance periods to the plan with three-year performance periods.

    The plan includes one one-year performance period (calendar year 2025). During the performance period 2025, the reward from the plan is based on group comparable operating profit targets and operating profit run-rate targets decided by the Board of Directors, and individual targets related to each participant’s own area of responsibility and strategy execution within the participant’s own area of responsibility. 

    Half of the cash reward earned, based on the performance period will be converted into Aktia shares after the performance period and will be paid in five instalments in 2026, 2027, 2028, 2029 and 2030. Shares received as a reward cannot be transferred within one year of the payment of the reward instalment.

    At the target level, the maximum value of the reward based on the performance period is EUR 2,000,000 in total upon the launch of the plan. The final cost of the plan depends on the achievement of the targets of the performance criteria of the performance period and on the conversion price of the share after the end of the performance period. During the performance period 2025, approximately 20 key employees belong to the target group of the plan.

    Share Savings Plan

    The Board of Directors of Aktia Bank Plc has decided on a continuation of AktiaUna, a long-term share savings plan for the employees of the Aktia Group, that was launched in 2018 to support the implementation of Aktia’s strategy.

    The objective of the share savings plan is to motivate Aktia’s employees to invest in Aktia shares and to own shares in Aktia. The objective is also to align the interests and commitment of the employees and management to work for a good value development and increased shareholder value in the long-term.

    AktiaUna share savings plan offers approximately 850 Aktia employees the opportunity to save 2–6% of their salaries (the members of the Group’s Executive Committee up to 12% and selected key employees up to 7%) and with this savings amount regularly acquire Aktia shares at a 10% discount. Furthermore, the participants are motivated by granting them free matching shares against shares acquired in AktiaUna share savings plan after approximately two years. The prerequisite for receiving matching shares is that an employee holds the acquired shares until the end of the holding period, and their employment at Aktia has not terminated before the end of the holding period.

    The value of the matching shares during the savings period 2025–2026 amounts to a maximum total of EUR 3,500,000 upon the launch of the plan. At an Aktia share price of EUR 10.16, this amount corresponds to the value of approximately 345,000 Aktia shares. The final cost of the plan depends on the number of participants and shares acquired in the plan by the employees.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI: NTA and Enlight Sign a $22m Power Purchase Agreement

    Source: GlobeNewswire (MIL-OSI)

    NTA, a government-owned company building the light rail and metro in the Tel Aviv metropolitan region, will operate the mass transit network using clean energy supplied by Enlight

    The agreement significantly reduces NTA’s electricity costs

    TEL AVIV, Israel, Feb. 26, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that NTA Metropolitan Mass Transit System Ltd. (“NTA”) has signed a 5-year PPA with an aggregate value of $22m, and also includes an option to significantly increase purchase volumes through the life of the contract.

    The agreement was signed within the framework of Israel’s deregulated electricity market, which allows independent power producers to enter into direct sales agreements with consumers. The agreement follows others reached by Enlight in recent months, with NTA joining Big Shopping Centers, SodaStream, Applied Materials, Amdocs, and other noteworthy companies in purchasing green electricity from Enlight. Serving as examples of environmental responsibility, these firms’ decision to switch to clean energy consumption will positively impact Israel’s economy. In January 2025, the Weizmann Institute of Science, based in Rehovot, signed an agreement with Enlight to supply all of the Institute’s electricity needs for the next 12 years.

    The agreement with Enlight will help NTA, which is building the light rail and metro networks in the Tel Aviv metropolitan region, to reduce its electricity costs significantly. It will also reduce annual carbon emissions equivalent to the planting of approximately 380,000 new trees per year or removing about 9,000 private fuel-powered vehicles from the road annually.

    Itamar Ben Meir, CEO of NTA, commented, “We welcome this important agreement with Enlight. The mass transit system being built by NTA is good news for the congested Tel Aviv region, and is similar to advanced countries around the world in its use of renewable energy. Green power dramatically cuts air pollution as well as representing a significant cost savings. Each light rail train removes more than 100 private cars from the road, reducing traffic congestion and wasted time, while increasing comfort and safety.”

    Gilad Peled, CEO of Enlight MENA, commented, “Enlight congratulates NTA on its transition to clean and environmentally friendly energy. The deal with Enlight will allow NTA to save millions of Shekels of public funds on its electricity bill, while simultaneously serving as an environmental leader. The agreement drives Enlight MENA’s growth further after doubling our revenues in Israel last year to over $150m. This agreement further reinforces the fact that today, clean energy is also the cheapest form of energy. Moreover, clean energy’s rising share of the deregulated power market leads to greater competition and lower electricity prices for all Israeli consumers.”

    About NTA

    NTA is a government-owned company building metropolitan Tel Aviv’s mass transit network as part of the largest infrastructure project ever initiated in Israel. The network comprises three light rail lines, including the Red Line, which already transports millions of passengers every month, and the Green and Purple Lines, which are expected to begin commercial operation in the coming years. The light rail network will be joined by three metro lines that will connect into the Tel Aviv region from Rehovot in the south and Kfar Saba in the north. With an annual expected ridership of 850 million passengers and 2 million trips per day, the project’s total cost is estimated at approximately ILS 200bn.

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    Contacts:

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI Australia: Negotiations for social security agreement with Sweden to begin

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services 
    Minister for the National Disability Insurance Scheme
    Member for Kingston

    Senator the Hon Penny Wong 
    Leader of the Government in the Senate
    Minister for Foreign Affairs 
    Senator for South Australia

    The Albanese Labor Government will soon commence negotiations with the Swedish Government on a bilateral social security agreement.

    An agreement would boost access to certain Australian and Swedish social security benefits for eligible people who have lived or worked in both countries.

    Minister for Social Services Amanda Rishworth said Australia has much to gain from an agreement and she looks forward to strengthening the ties between our two countries.

    “It’s great to see negotiations will soon get underway for a social security agreement with Sweden, giving people greater freedom and choice in how and where they spend their retirement, secure in the knowledge they will be supported,” Minister Rishworth said.

    “Businesses operating across both countries may also benefit, with this arrangement ensuring they don’t have to pay compulsory superannuation and insurance contributions in both countries for seconded employees.”

    Minister for Foreign Affairs Penny Wong said the agreement will be an important step in deepening the Australia-Sweden relationship.

    “With growing family and community links between Sweden and Australia, more Australians are dividing their lives between the countries,” Minister Wong said.

    “This agreement will provide greater choice for retiring Australians with Swedish connections, and will help to remove burdens for Australian and Swedish businesses seeking to invest in each other’s economy.”

    Swedish Ambassador Pontus Melander said an agreement would be a significant milestone in growing Australia’s relationship with Sweden.

    “Agreements like this are very important to facilitate for our citizens and bring Australia and Sweden even closer together,” Mr Melander said.

    “We are already close friends and partners, and it is excellent that negotiations on a bilateral social security agreement have started.”

    Australia has social security agreements with 32 countries.

    More information is available on the Department of Social Services website.

    MIL OSI News –

  • MIL-OSI Security: Man Convicted of Fraud Offenses in 2017 Sentenced to 2 More Years in Prison for Violating Conditions of Supervised Release

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that MARC ANTHONY ALEXANDER, 44, recently residing in Milford, was sentenced today by U.S. District Judge Vernon D. Oliver in Hartford to 24 months of imprisonment, the statutory maximum sentence, for violating the conditions of his supervised release that followed prior convictions for conspiracy offenses related to two separate fraud schemes. 

    According to court documents and statements made in court, in April 2017, Alexander was sentenced in New Haven federal court to 96 months of imprisonment and three years of supervised release for his involvement in a scheme related to the theft and negotiation of postal money orders that defrauded the U.S. Postal Service of more than $300,000, and his role in a separate scheme that involved the fraudulent sale of financed vehicles, which defrauded lenders of more than $1 million.  Alexander was released from federal prison in February 2023.

    In February 2024, while on supervised release, Alexander was arrested by Stamford Police for illegal operation of a motor vehicle under the influence of alcohol/drugs, illegal operation of a motor vehicle under suspension, illegal operation of a motor vehicle without minimum insurance, and failure to drive in a proper lane.  In November 2024, Alexander is alleged to have used a bank statement he manipulated with false information to facilitate the purchase of a vehicle from a car dealership in Dartmouth, Massachusetts.  Alexander also falsely reported his address to his probation officer, left Connecticut without permission, and opened nine new lines of credit, all in violation of the terms and conditions of his supervised release.

    Alexander, whose criminal history includes convictions for additional fraud offenses, has been detained in federal custody since January 13, 2025.

    This case was prosecuted by Assistant U.S. Attorney Ray Miller.

    MIL Security OSI –

  • MIL-OSI Economics: IMF Executive Board Approves New 40-month US.4 billion Extended Fund Facility Arrangement for El Salvador

    Source: International Monetary Fund

    IMF Executive Board Approves New 40-month US$1.4 billion Extended Fund Facility Arrangement for El Salvador

    February 26, 2025

    • The IMF Executive Board approved a new 40-month arrangement under the Extended Fund Facility (EFF) for El Salvador, with access equivalent to US$1.4 billion. The Board’s decision allows the authorities an immediate disbursement equivalent to around US$113 million.
    • The IMF-supported program aims to ensure conditions are in place to boost El Salvador’s growth prospects and resilience by strengthening public finances, rebuilding external and financial buffers, and improving governance and transparency. Bitcoin risks are also being addressed.

    Washington, DC: Today the Executive Board of the International Monetary Fund (IMF) approved a 40-month extended arrangement under the Extended Fund Facility (EFF) for El Salvador, with access of SDR 1033.92 million (around US$1.4 billion, or 360 percent of quota). The Board’s approval allows the authorities an immediate disbursement of SDR 86.16 million, equivalent to around US$113 million. The arrangement is expected to catalyze additional multilateral financial support, for a combined overall financing package of over US$3.5 billion over the program period.

    Building on recent progress, the authorities’ IMF-supported program aims at addressing macroeconomic imbalances and strengthening governance and transparency, with the objective of boosting El Salvador’s growth prospects and resilience. Under the program, the primary balance will improve by 3½ percent of GDP over three years, underpinned initially by a rationalization of the wage bill, while protecting priority social and infrastructure spending. This will be complemented by measures to rebuild reserve buffers and bolster financial stability, as well as actions to strengthen fiscal transparency and anti-corruption and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks. The program also addresses risks arising from the Bitcoin project, including by making acceptance of Bitcoin voluntary and by confining public sector engagement in Bitcoin-related activities and transactions in and purchases of Bitcoins.

    Following the Executive Board’s discussion on El Salvador, Mr. Nigel Clarke, Deputy Managing Director and Acting Chair, issued the following statement:

    “The Salvadorean economy is steadily expanding on the back of robust remittances and tourism, and a greatly improved security situation. External deficits have narrowed, inflation has fallen, and recent liability management operations have reduced near-term financing needs. Nevertheless, El Salvador continues to face deep macroeconomic imbalances, stemming from high debt and weak external and financial buffers, as well as barriers to investment and productivity. The authorities’ economic program, supported by an Extended Fund Facility arrangement, aims to strengthen fiscal and external sustainability while creating the conditions for stronger and more inclusive growth.

    “The Fund-supported program is underpinned by an ambitious growth-friendly fiscal consolidation, aiming to put public debt on a firm downward path and building fiscal buffers. The consolidation is being supported by raising public spending efficiency and reforms of the civil service and the pension system over time, while providing sufficient space to protect priority social and infrastructure spending.

    “The program will enhance El Salvador’s resilience to shocks, through a gradual and determined strengthening of external and financial sector buffers. A plan to increase banks’ liquidity buffers has already been approved, with Fund financing also supporting government buffers and central bank reserves. Improvements in regulation and supervision as well as a new financial stability legislation will also bolster financial stability and inclusion.

    “Envisaged improvements in governance and transparency are expected to boost confidence and private investment. Early steps have been taken through the enactment of a new Anti-Corruption legislation, and publication by the Court of Accounts of audits of financial statements of government agencies and COVID audits. These will be followed by upgrades to procurement and accountability processes, as well as the strengthening of AML/CFT frameworks.

    “The potential risks of the Bitcoin project are being addressed in line with Fund policies and with Fund advice to the authorities. Prior actions include legal reforms that have made acceptance of Bitcoin by the private sector voluntary and ensured that tax payments are made only in U.S. dollars. Transparency of the public crypto e-wallet has been strengthened, and the government plans to gradually unwind its participation in the e-wallet. Going forward, program commitments will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin. Regulation and supervision of digital assets will be enhanced in line with evolving international best practices.

    “Decisive ownership and implementation and broad political and public support will be critical to ensure the program’s success. Agile policy making and contingency planning will be essential to manage downside risks in the context of dollarization. Continued financial and technical support from other official creditors will also be necessary to support program implementation.’’

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Russia: Government meeting (2025, No. 6)

    Translartion. Region: Russians Fedetion –

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

    1. On the draft federal law “On Amendments to Article 2232 of the Federal Law “On Insolvency (Bankruptcy)”

    The development of the bill is due to the need to provide additional support to participants in the special military operation.

    2. On the draft federal law “On Amendments to Articles 28 and 2137 of the Federal Law “On Insolvency (Bankruptcy)”

    The bill is aimed at regulating the issue of the date from which the ten-day period for the execution by the bankruptcy trustee of the obligation to include in the Unified Federal Register of Bankruptcy Information a notice of completion of the procedure applied in the bankruptcy case should be calculated.

    3. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Economic Development of the Russian Federation)

    The draft act is aimed at updating the normative legal regulation in the area of preferential regimes for the implementation of economic activities.

    4. On the draft federal law “On Amendments to the Federal Law “On Veterans””

    The bill is aimed at granting the status of veteran and disabled person of combat operations to military personnel (employees) who carried out tasks to repel an armed invasion of the country’s territory, as well as during an armed provocation on the state border of Russia and in the territories of the country’s subjects adjacent to the areas where a special military operation is being conducted.

    5. On the draft federal law “On Amending Article 26 of the Federal Law “On Road Safety””

    The bill is aimed at improving the quality of training for vehicle drivers.

    6. On amendments to the Decree of the Government of the Russian Federation of July 20, 2011 No. 590 (in terms of amendments to the Regulation on the Ministry of Culture of the Russian Federation)

    The draft resolution is aimed at ensuring that the activities of the Ministry of Culture of Russia comply with the provisions of the Federal Law of December 13, 2024 No. 472 “On Amendments to the Federal Law “On Cultural Heritage Sites (Historical and Cultural Monuments) of the Peoples of the Russian Federation”.

    7. On the allocation of budgetary allocations for the financial support of the one-time payment to certain categories of citizens of the Russian Federation established by Decree of the President of the Russian Federation of January 15, 2025 No. 15 in connection with the 80th anniversary of the Victory in the Great Patriotic War of 1941-1945.

    The draft order is aimed at providing support to disabled people and participants of the Great Patriotic War, as well as categories of citizens equivalent to them.

    Moscow, February 26, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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

    MIL OSI Russia News –

  • MIL-OSI USA: In Joint Senate-House Veterans Hearing, King Stresses Supporting Servicemembers Shifting to Civilian Life

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — In a joint hearing before the Senate Veterans Affairs Committee (SVAC) and the House Veterans Affairs Committee (HVAC), Senator Angus King (I-Maine), spoke about the importance of ensuring a smooth transition from active duty status to civilian life for veterans with James LaCoursiere, Jr., the National Commander of The American Legion. In the exchange, Senator King referenced the bipartisan TAP Promotion Act, legislation he championed that would proactively help veterans in the Transition Assistance Program (TAP) as they begin applying for their well-deserved benefits, and Commander LaCoursiere voiced his support for the bill — calling it “very critical.” According to the Department of Veterans Affairs (VA), approximately 200,000 servicemembers make the transition to civilian life each year. Additionally, the first few months after leaving active duty are often the most fragile for veterans, putting them at an increased risk for self-harm and suicide. According to a National Veteran Suicide Prevention Annual Report, suicide is the second leading cause of death in veterans under the age of 45.
    “Now, I do want to talk about transition for a minute. Be The One is one of the most important initiatives going on in the country right now. Thank you for staffing that, for setting it up and for making it actually happen. I have a simple formula for transition. I think the Defense Department should spend as much money on transition as they do on recruitment. One of the things we are working on here is something called the TAP Promotion Act which would bring Veteran Service Organizations (VSO) into the process of transition. We have to have a warm hand off. I think you quoted a number, a very large percentage of the suicides are at the first year or two after transition. That is a place where we really need to give some effort. Commander, tell me about how important you think transition is,” said Senator King.
    “Thank you very much for that question. The TAP program is very critical. It is a very important element and critical that [veterans] get 365 days to transition and educate themselves on it. As we all know, the more knowledge you have, it gives us a much better sense of direction on where to go and what you need but it serves you in the right direction for gainful future employment. As we all know, employment starts you in the right direction for stability with your family and it also drives the economy forward. Too often we sit back and they don’t know where to go for assistance when they get out of the military. I am not saying the second you get out of the military that you need assistance, but down the road you may need that assistance. They need to be afforded all the tools and resources and even get a start in their next career as they take off the uniform, replied Commander LaCoursiere.
    “My vision is someone meet you at the airport when you come home and says, ‘welcome home, here’s what the VA can do for you — here are the programs. Give me a call if you need any help.’ That is where things like the Be The One Program can be a difference. Thank you for what you’re doing. Be our eyes and ears and let us know what is happening out there so we can protect and defend the most sacred obligation this government has which is to its veterans,” said Senator King.
    Representing one of the states with the highest rates of military families and veterans per capita, Senator King has been a staunch advocate for America’s servicemembers and veterans. A member of the Senate Veterans’ Affairs Committee (SVAC), he works to ensure American veterans receive their earned benefits and that the VA is properly implementing various programs such as the PACT Act, the State Veterans Homes Domiciliary Care Flexibility Act, and the John Scott Hannon Act. Earlier this month, in a letter to VA Secretary Doug Collins, Senator King joined his colleagues in urging for immediate action to secure veterans’ personal information provided by VA or other agencies to Elon Musk and his “Department of Government Efficiency” (DOGE), a measure that would protect millions of veterans’ medical records stored in VA’s computer systems. Previously, Senator King introduced the Lethal Means Safe Storage for Veteran Suicide Prevention Act to provide firearm storage to veterans in an effort to reduce suicides among the veteran population. In addition, he helped pass the Veterans COLA Act, which increased benefits for 30,000 Maine veterans and their families. Recently, Senator King introduced bipartisan legislation alongside SVAC Chairman Senator Jerry Moran (R-KS) to improve care coordination for veterans who rely on both VA health care and Medicare. This week, Senator King was honored by the Disabled American Veterans as its 2025 Legislator of the Year. Last year, he was recognized by the Wounded Warrior Project as the 2024 Legislator of the Year for his “outstanding legislative effort and achievement to improve the lives of the wounded, ill, and injured veterans.”

    MIL OSI USA News –

  • MIL-OSI USA: Hickenlooper, Bennet, DeGette, Neguse, Pettersen, Crow Condemn Trump Admin’s Arbitrary Firings of Interior Department Employees

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Letter comes after Trump administration fired 2,300 employees at the Department of the Interior, threatening Colorado’s economy and natural resources
    Colorado lawmakers: “The decision to fire these employees will reverberate throughout Colorado’s economy and across the places and resources the agency is meant to protect nationwide.”
    WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet and U.S. Representatives Diana DeGette, Joe Neguse, Brittany Pettersen, and Jason Crow denounced the Trump administration’s recent firing of 2,300 employees from the Department of the Interior (DOI), and demanded that they be immediately reinstated. The mass firings– including at the National Park Service, Bureau of Land Management, U.S. Fish and Wildlife Service, and Bureau of Indian Affairs – threaten to limit Coloradan’s access to public lands and to weaken Colorado’s economy. 
    “The 6,000 DOI professionals in Colorado fill a critical role, not just within DOI but in communities across our state,” the Colorado lawmakers wrote.
    “Without these employees, the administration will not be able to process permits for activities on public land, including for grazing and energy production. DOI capacity for building our wildfire resilience and protecting our headwaters will diminish,” they continued.  
    “The indiscriminate and short-sighted nature of the firings will hamper the overall mission of the DOI, with the public and our natural resources bearing the brunt of this decision…We urge you to reinstate the recently terminated employees in their positions immediately.”
    Following Trump’s February 11th executive order, the DOI fired 1,000 employees at the National Park Service, 800 at the Bureau of Land Management, 420 at the U.S. Fish and Wildlife Service, and 260 at the U.S. Geological Survey. The Trump administration also fired employees at the Bureau of Indian affairs, a historically underfunded federal agency. The firings followed an even larger exodus of roughly 2,700 DOI employees who voluntarily accepted the Trump administration’s reckless “Fork in the Road” resignation offer. 
    Hickenlooper has sent multiple letters pushing back against the Trump administration’s blanket cuts to the federal government including:
    A letter sounding the alarm over the Office of Personnel Management’s blanket buyout offer to federal employees;
    A letter urging Department of the Interior Secretary Doug Burgum to immediately resolve staff shortages at the National Park Service after they fired thousands of workers; and 
    A letter demanding SBA Administrator Loeffler address the devastating impacts of the arbitrary mass firings of SBA public servants.  
    Full text of the letter is available HERE and below:
    Dear Secretary Burgum:
    We write to condemn the firing of over 2,300 Department of the Interior (DOI) employees, particularly those based in Colorado. The 6,000 DOI professionals in Colorado fill a critical role, not just within DOI but in communities across our state. DOI employees protect our public lands, fulfill our trust responsibilities to Tribes, conserve wildlife resources, support access to recreation on some of our state’s most beautiful landscapes, and manage land for grazing, energy, mining, and other activities. A robust workforce is critical to fulfilling DOI’s mission to steward our natural resources and cultural heritage. We urge you to promptly reinstate the terminated employees in Colorado and across the country.
    DOI employees manage and conserve the resources that are an essential part of what makes Colorado so special – including our 13 National Park Service (NPS) units, 8.3 million acres of public lands managed by the Bureau of Land Management (BLM), and 8 wildlife refuges managed by the U.S. Fish and Wildlife Service. These workers keep our lands accessible to the public and help boost our state’s $14 billion recreational economy. Already, the repercussions of the terminations are evident at Florissant Fossil Beds National Monument in Colorado, which now needs to close two days a week due to a lack of staffing. Blanket dismissals of NPS staff and other land management employees will continue to have a direct effect on public access for visitors statewide, as well as on the businesses in gateway communities surrounding federal lands.
    The decision to fire these employees will reverberate throughout Colorado’s economy and across the places and resources the agency is meant to protect nationwide. DOI’s land management employees often work in rural areas, where communities are tight-knit and often tied closely to the land – and workforce impacts will ripple across those local economies. In many places across Colorado, land management agencies are already challenged by the recruitment and retention of employees in remote areas, including those with a high cost of living. This unjust termination of employees will make management of lands in those areas all the more difficult.
    Just as the land managers in the field are critical to stewardship of our resources, so are the thousands of DOI scientists, grant managers, engineers, and other professionals based out of the Denver Federal Center. The agency’s decreased capacity from firing these employees is compounded by the administration’s recent hiring freeze and the 2,700 DOI employees that accepted the administration’s “Fork in the Road” deferred resignation offer. The current volatility and uncertainty affect DOI’s workforce as a whole, not just those who were fired – and that in turn threatens both our economy and Coloradans’ access to the places they love.
    We also object strongly to the fact that many who were terminated in this mass firing were told they were dismissed for performance reasons, regardless of the employees’ actual performance. The probationary employees who were fired range from those who joined the DOI workforce within the past year, bringing fresh enthusiasm and perspectives, to those with such strong experience that they were recently promoted. Without these employees, the administration will not be able to process permits for activities on public land, including for grazing and energy production. DOI capacity for building our wildfire resilience and protecting our headwaters will diminish. The indiscriminate and short-sighted nature of the firings will hamper the overall mission of the DOI, with the public and our natural resources bearing the brunt of this decision.
    DOI’s recent terminations hold serious on-the-ground consequences for our lands, waters, communities, Tribes, ranchers, and our state’s broader economy. We urge you to reinstate the recently terminated employees in their positions immediately.

    MIL OSI USA News –

  • MIL-OSI USA: Scott, Wicker, Griffith Push Back on EPA Overreach

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.), Senator Roger Wicker (R-Miss.), and Congressman Morgan Griffith (R-Va.) introduced a Congressional Review Act (CRA) resolution to overturn the U.S. Environmental Protection Agency’s (EPA) Rubber Tire Manufacturing National Emissions Standards for Hazardous Air Pollutants (NESHAP) rule. Amendments to NESHAP were finalized by the Biden administration in November 2024, despite the EPA’s own risk review finding that the rule was not necessary to protect public health or the environment and could not quantify any public health benefits from the rule.
    “The amended Biden NESHAP rule is counterproductive in every sense and the type of government inefficiency and overreach Americans are sick of. It will increase emissions and cost job creators millions in compliance expenses each year,” said Senator Scott.“I’m proud to join my Republican colleagues in pushing back on this rule that only serves to hurt South Carolina workers, businesses, and our economy.”
    “As Chairman of the House Committee on Energy and Commerce Subcommittee on Environment, a key focus of mine is to get the EPA back to a compliance-focused regulatory regime,” said Representative Griffith. “In the waning days of the Biden Administration, scores of ill-advised, unreasonable regulations were issued to overburden American industry. Rubber tire manufacturers already comply with stringent air emission rules. I am introducing this CRA resolution to roll back a last-minute Biden EPA regulation that was based on questionable data and imposes onerous one-size-fits-all pollution controls. I am glad to join this legislative fight with strong leaders like Senators Tim Scott and Roger Wicker.”
    “In the final weeks of the Biden-Harris Administration, the EPA implemented burdensome rules that increase costs and harm American manufactures,” said House Committee on Energy and Commerce Chairman Guthrie. “Unsurprisingly, the EPA failed to collect the necessary and specific data needed to inform this rulemaking, but went ahead and implemented a new set of emissions standards that will raise prices for consumers and put family-sustaining jobs at risk anyway. I’m grateful to Chairman Griffith for his work and look forward to working with my Energy and Commerce Committee colleagues as well as President Trump and Administrator Zeldin to address this issue.” 
    “Tire manufacturing facilities have long understood and complied with the existing National Emission Standards for Hazardous Air Pollutants (NESHAP) standards to reduce hazardous air pollutant emissions from rubber mixers. However, the agency’s revised final NESHAP rule actually creates an adverse environmental impact, while imposing significant financial burdens on tire manufacturing facilities and providing negligible, if any, benefits. While we continue to work with the EPA, we urge Congress to take action to undo this final rule in order to limit the deleterious effects on the U.S. tire manufacturing industry, the U.S. economy, and the environment,” said Anne Forristall Luke, President and CEO, U.S. Tire Manufacturers Association (USTMA).
    In addition to Senators Scott and Wicker, the resolution is cosponsored by Senators Lindsey Graham (R-S.C.), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Cindy Hyde-Smith (R-Miss.), and Tim Sheehy (R-Mont.).
    In the House of Representatives, additional cosponsors include Reps. Troy Balderson (R-Ohio), Randy Weber (R-Texas), Dan Crenshaw (R-Texas), Bob Latta (R-Ohio), and Buddy Carter (R-Ga.).
    BACKGROUND
    The Rubber Tire Manufacturing source category is comprised of facilities that produce rubber components such as rubber compounds, tread, tire cords, and liners. The category is split into rubber processing, tire production, tire cord production, and puncture seal application subcategories. 
    In 2002, the original Rubber Tire Manufacturing NESHAP established emissions limits for the tire production, tire cord production, and puncture seal application subcategories.
    In 2020, a residual risk and technology review (RTR) found that the current NESHAP provided an ample margin of safety to protect public health and that the risk associated with air emissions from rubber tire manufacturing was acceptable. The RTR also clarified that emissions during startup, shutdown, and malfunction are subject to the NESHAP.
    The DC Court determined in Louisiana Environmental Action Network v. EPA that the agency should address unregulated emissions from a source category when the EPA conducts an eight-year technological review as required by the Clean Air Act.
    On November 16, 2023, the EPA proposed the emission standards to address unregulated hazardous air pollutants from the rubber processing subcategory pursuant to the decision in Louisiana Environmental Action Network.
    The EPA’s risk review found that the rule was not necessary to protect public health or the environment and could not quantify any public health benefits from the rule.
    To comply with the rule, tire manufacturers will have to install regenerative thermal oxidizers (RTOs), which will cause an increase in CO2 emissions. As a result, the EPA quantified public health disbenefits associated with the rule ranging from $2.7 million to $8.1 million per year, in addition to $13.3 million per year in compliance costs.
    Full text of the resolution can be found here. 

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Approves New 40-month US$1.4 billion Extended Fund Facility Arrangement for El Salvador

    Source: IMF – News in Russian

    IMF Executive Board Approves New 40-month US$1.4 billion Extended Fund Facility Arrangement for El Salvador

    February 26, 2025

    • The IMF Executive Board approved a new 40-month arrangement under the Extended Fund Facility (EFF) for El Salvador, with access equivalent to US$1.4 billion. The Board’s decision allows the authorities an immediate disbursement equivalent to around US$113 million.
    • The IMF-supported program aims to ensure conditions are in place to boost El Salvador’s growth prospects and resilience by strengthening public finances, rebuilding external and financial buffers, and improving governance and transparency. Bitcoin risks are also being addressed.

    Washington, DC: Today the Executive Board of the International Monetary Fund (IMF) approved a 40-month extended arrangement under the Extended Fund Facility (EFF) for El Salvador, with access of SDR 1033.92 million (around US$1.4 billion, or 360 percent of quota). The Board’s approval allows the authorities an immediate disbursement of SDR 86.16 million, equivalent to around US$113 million. The arrangement is expected to catalyze additional multilateral financial support, for a combined overall financing package of over US$3.5 billion over the program period.

    Building on recent progress, the authorities’ IMF-supported program aims at addressing macroeconomic imbalances and strengthening governance and transparency, with the objective of boosting El Salvador’s growth prospects and resilience. Under the program, the primary balance will improve by 3½ percent of GDP over three years, underpinned initially by a rationalization of the wage bill, while protecting priority social and infrastructure spending. This will be complemented by measures to rebuild reserve buffers and bolster financial stability, as well as actions to strengthen fiscal transparency and anti-corruption and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks. The program also addresses risks arising from the Bitcoin project, including by making acceptance of Bitcoin voluntary and by confining public sector engagement in Bitcoin-related activities and transactions in and purchases of Bitcoins.

    Following the Executive Board’s discussion on El Salvador, Mr. Nigel Clarke, Deputy Managing Director and Acting Chair, issued the following statement:

    “The Salvadorean economy is steadily expanding on the back of robust remittances and tourism, and a greatly improved security situation. External deficits have narrowed, inflation has fallen, and recent liability management operations have reduced near-term financing needs. Nevertheless, El Salvador continues to face deep macroeconomic imbalances, stemming from high debt and weak external and financial buffers, as well as barriers to investment and productivity. The authorities’ economic program, supported by an Extended Fund Facility arrangement, aims to strengthen fiscal and external sustainability while creating the conditions for stronger and more inclusive growth.

    “The Fund-supported program is underpinned by an ambitious growth-friendly fiscal consolidation, aiming to put public debt on a firm downward path and building fiscal buffers. The consolidation is being supported by raising public spending efficiency and reforms of the civil service and the pension system over time, while providing sufficient space to protect priority social and infrastructure spending.

    “The program will enhance El Salvador’s resilience to shocks, through a gradual and determined strengthening of external and financial sector buffers. A plan to increase banks’ liquidity buffers has already been approved, with Fund financing also supporting government buffers and central bank reserves. Improvements in regulation and supervision as well as a new financial stability legislation will also bolster financial stability and inclusion.

    “Envisaged improvements in governance and transparency are expected to boost confidence and private investment. Early steps have been taken through the enactment of a new Anti-Corruption legislation, and publication by the Court of Accounts of audits of financial statements of government agencies and COVID audits. These will be followed by upgrades to procurement and accountability processes, as well as the strengthening of AML/CFT frameworks.

    “The potential risks of the Bitcoin project are being addressed in line with Fund policies and with Fund advice to the authorities. Prior actions include legal reforms that have made acceptance of Bitcoin by the private sector voluntary and ensured that tax payments are made only in U.S. dollars. Transparency of the public crypto e-wallet has been strengthened, and the government plans to gradually unwind its participation in the e-wallet. Going forward, program commitments will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin. Regulation and supervision of digital assets will be enhanced in line with evolving international best practices.

    “Decisive ownership and implementation and broad political and public support will be critical to ensure the program’s success. Agile policy making and contingency planning will be essential to manage downside risks in the context of dollarization. Continued financial and technical support from other official creditors will also be necessary to support program implementation.’’

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/26/pr25043-el-salvador-imf-approves-new-40-month-us1-bn-eff-arr

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Medallion Financial Corp. to Report 2024 Fourth Quarter and Full-Year Results on Tuesday, March 4, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its results for the quarter and full-year ended December 31, 2024, after the market closes on Tuesday, March 4, 2025.

    CONFERENCE CALL AND WEBCAST INFORMATION

    A conference call to discuss the financial results will be held the next morning, March 5, 2025.

    How to Participate

    • Date: Wednesday, March 5, 2025
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 4Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, March 12.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Passcode: 1019 6407

    INDIVIDUAL MEETING INFORMATION

    To increase relations with institutional investors, management has dedicated time to hosting individual meetings with portfolio managers and analysts after its earnings conference call. If you are interested in scheduling a meeting with management, please contact investorrelations@medallion.com or (212) 328-2176.

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Company Contact:

    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    The MIL Network –

  • MIL-OSI: Expand Energy Corporation Reports Fourth Quarter and Full-Year 2024 Results, Issues 2025 Outlook

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 26, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ:EXE) (“Expand Energy” or the “Company”) today reported fourth quarter and full-year 2024 financial and operating results and issued its 2025 outlook.

    Fourth Quarter Highlights

    • Net cash provided by operating activities of $382 million
    • Net loss of $399 million, or $1.72 per fully diluted share; adjusted net income(1)of $131 million, or $0.55 per share
    • Adjusted EBITDAX(1)of $964 million
    • Produced approximately 6.41 Bcfe/d net (91% natural gas)
    • Debut $750 million Investment Grade issuance, setting record spread for energy rising star (+132 bps to 10-year Treasury)

    2025 Outlook

    • Increasing expected synergy capture to ~$400 million in 2025, with the total target of $500 million in annual synergies expected to be achieved by year end 2026
    • Quarterly base dividend of $0.575 per common share to be paid in March 2025, 16th straight quarter paying a dividend
    • Expected to produce ~7.1 Bcfe/d for ~$2.7 billion of capital and deploy $300 million of incremental capital to create an additional ~300 MMcfe/d of productive capacity in 2026

    (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.

    “The global need for reliable, affordable, lower carbon energy has never been greater. Our strong fourth quarter results and 2025 outlook clearly demonstrate, as the nation’s largest gas producer, we are ready to answer the call and expand opportunity for consumers and investors alike,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “The powerful combination of our attractive, market-connected portfolio, peer-leading returns program, and resilient financial foundation is distinctly unique among domestic natural gas producers. Our focus on integration and operational execution continues to deliver, allowing us to capture 80% of our $500 million synergy target in 2025 as we drive to lower our breakeven costs and more efficiently reach markets in need. Importantly, our capital plan positions us to continue our strategy to build productive capacity, positioning the company to efficiently and rapidly respond with production in 2026 should market conditions warrant.”

    Operations Update

    In the fourth quarter, Expand Energy operated an average of twelve rigs to drill 44 wells and turned 41 wells in line, resulting in net production of approximately 6.41 Bcfe per day (91% natural gas). A detailed breakdown of fourth quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    2025 Annual Synergy, Capital and Operating Outlook

    In 2025, Expand Energy expects to run ~12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The company intends to build incremental productive capacity for an additional $300 million by running ~15 rigs in the second half of the year. This positions the company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.

    Expand Energy is increasing its 2025 expected annual synergy target by $175 million to approximately $400 million. The company expects to achieve the full $500 million in annual synergies by year end 2026.

    A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    Shareholder Returns Update

    Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce net debt. The company plans to pay its quarterly base dividend of $0.575 per share on March 27, 2025 to shareholders of record at the close of business on March 11, 2025. The company expects to allocate $500 million to net debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.

    Conference Call Information

    A conference call to discuss Expand Energy’s fourth quarter and full-year 2024 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on February 27, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/jwd532c5/. Participants who would like to ask a question, can register at https://register.vevent.com/register/BIada59e18f58249708a9b9b311a92efae, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

    Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections

    This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the company’s 2024 fourth quarter and full-year financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the company’s website at www.expandenergy.com.

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

    Forward-Looking Statements

    This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our ESG initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange commission (“SEC”). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

    Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

    • Reduce demand for natural gas, oil, and natural gas liquids;
    • negative public perceptions of our industry;
    • competition in the natural gas and oil exploration and production industry;
    • the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
    • risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
    • write-downs of our natural gas and oil asset carrying values due to low commodity prices;
    • significant capital expenditures are required to replace our reserves and conduct our business;
    • our ability to replace reserves and sustain production;
    • uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
    • drilling and operating risks and resulting liabilities;
    • our ability to generate profits or achieve targeted results in drilling and well operations;
    • leasehold terms expiring before production can be established;
    • risks from our commodity price risk management activities;
    • uncertainties, risks and costs associated with natural gas and oil operations;
    • our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
    • pipeline and gathering system capacity constraints and transportation interruptions;
    • risks related to our plans to participate in the global LNG value chain;
    • terrorist activities and/or cyber-attacks adversely impacting our operations;
    • risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
    • disruption of our business by natural or human causes beyond our control;
    • a deterioration in general economic, business or industry conditions;
    • the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
    • our inability to access the capital markets on favorable terms;
    • the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
    • challenges with employee retention and increasingly competitive labor market
    • risks related to acquisitions or dispositions, or potential acquisitions or dispositions; risks related to loss of management personnel, other key employees, customers, suppliers, vendors, landlords, joint venture partners and other business partners as a result of the merger with Southwestern Energy Company (“Southwestern”); the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the Southwestern merger or it may take longer than expected to achieve those synergies or benefits;
    • security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
    • our ability to achieve and maintain ESG certifications, goals and commitments;
    • environmental and ESG legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
    • federal and state tax proposals affecting our industry;
    • risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of the Southwestern merger, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
    • other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.

    We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

    All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

             
    CONSOLIDATED BALANCE SHEETS (unaudited)        
             
    ($ in millions, except per share data)   December 31, 2024   December 31, 2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 317     $ 1,079  
    Restricted cash     78       74  
    Accounts receivable, net     1,226       593  
    Derivative assets     84       637  
    Other current assets     292       226  
    Total current assets     1,997       2,609  
    Property and equipment:        
    Natural gas and oil properties, successful efforts method        
    Proved natural gas and oil properties     23,093       11,468  
    Unproved properties     5,897       1,806  
    Other property and equipment     654       497  
    Total property and equipment     29,644       13,771  
    Less: accumulated depreciation, depletion and amortization     (5,362 )     (3,674 )
    Total property and equipment, net     24,282       10,097  
    Long-term derivative assets     1       74  
    Deferred income tax assets     589       933  
    Other long-term assets     1,025       663  
    Total assets   $ 27,894     $ 14,376  
             
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 777     $ 425  
    Current maturities of long-term debt, net     389       —  
    Accrued interest     100       39  
    Derivative liabilities     71       3  
    Other current liabilities     1,786       847  
    Total current liabilities     3,123       1,314  
    Long-term debt, net     5,291       2,028  
    Long-term derivative liabilities     68       9  
    Asset retirement obligations, net of current portion     499       265  
    Long-term contract liabilities     1,227       —  
    Other long-term liabilities     121       31  
    Total liabilities     10,329       3,647  
    Contingencies and commitments        
    Stockholders’ equity:        
    Common stock, $0.01 par value, 450,000,000 shares authorized: 231,769,886 and 130,789,936 shares issued     2       1  
    Additional paid-in capital     13,687       5,754  
    Retained earnings     3,876       4,974  
    Total stockholders’ equity     17,565       10,729  
    Total liabilities and stockholders’ equity   $ 27,894     $ 14,376  
                     
         
    CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions, except per share data)                
    Revenues and other:                
    Natural gas, oil and NGL   $ 1,595     $ 763     $ 2,969     $ 3,547  
    Marketing     649       513       1,290       2,500  
    Natural gas, oil and NGL derivatives     (245 )     533       (38 )     1,728  
    Gains on sales of assets     2       139       14       946  
    Total revenues and other     2,001       1,948       4,235       8,721  
    Operating expenses:                
    Production     158       63       316       356  
    Gathering, processing and transportation     556       190       1,035       853  
    Severance and ad valorem taxes     39       31       97       167  
    Exploration     3       8       10       27  
    Marketing     654       514       1,310       2,499  
    General and administrative     53       32       186       127  
    Separation and other termination costs     —       2       23       5  
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Other operating expense, net     277       3       332       18  
    Total operating expenses     2,387       1,222       5,038       5,579  
    Income (loss) from operations     (386 )     726       (803 )     3,142  
    Other income (expense):                
    Interest expense     (64 )     (22 )     (123 )     (104 )
    Gains (losses) on purchases, exchanges or extinguishments of debt     1       —       (1 )     —  
    Other income, net     28       31       86       79  
    Total other income (expense)     (35 )     9       (38 )     (25 )
    Income (loss) before income taxes     (421 )     735       (841 )     3,117  
    Income tax expense (benefit)     (22 )     166       (127 )     698  
    Net income (loss)   $ (399 )   $ 569     $ (714 )   $ 2,419  
    Earnings (loss) per common share:                
    Basic   $ (1.72 )   $ 4.34     $ (4.55 )   $ 18.21  
    Diluted   $ (1.72 )   $ 4.02     $ (4.55 )   $ 16.92  
    Weighted average common shares outstanding (in thousands):                
    Basic     231,539       130,999       156,989       132,840  
    Diluted     231,539       141,491       156,989       142,976  
                                     
         
    CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($ in millions)   2024   2023   2024   2023
    Cash flows from operating activities:                
    Net income (loss)   $ (399 )   $ 569     $ (714 )   $ 2,419  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Deferred income tax expense (benefit)     (18 )     109       (123 )     428  
    Derivative (gains) losses, net     245       (533 )     38       (1,728 )
    Cash receipts on derivative settlements, net     252       187       947       354  
    Share-based compensation     9       8       38       33  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Contract amortization     (57 )     —       (57 )     —  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Other     51       (17 )     35       18  
    Changes in assets and liabilities     (345 )     (93 )     (315 )     275  
    Net cash provided by operating activities     382       470       1,565       2,380  
    Cash flows from investing activities:                
    Capital expenditures     (536 )     (379 )     (1,557 )     (1,829 )
    Receipts of deferred consideration     50       —       166       —  
    Business combination, net     (459 )     —       (459 )     —  
    Contributions to investments     (4 )     (82 )     (75 )     (231 )
    Proceeds from divestitures of property and equipment     4       566       21       2,533  
    Net cash provided by (used in) investing activities     (945 )     105       (1,904 )     473  
    Cash flows from financing activities:                
    Proceeds from Credit Facility     20       —       20       1,125  
    Payments on Credit Facility     (20 )     —       (20 )     (2,175 )
    Proceeds from issuance of senior notes, net     747       —       747       —  
    Funds held for transition services     —       (91 )     —       —  
    Proceeds from warrant exercise     2       —       3       —  
    Debt issuance and other financing costs     (7 )     —       (11 )     —  
    Cash paid to repurchase and retire common stock     —       (42 )     —       (355 )
    Cash paid to purchase debt     (767 )     —       (767 )     —  
    Cash paid for common stock dividends     (134 )     (75 )     (388 )     (487 )
    Other     (3 )     —       (3 )     —  
    Net cash used in financing activities     (162 )     (208 )     (419 )     (1,892 )
    Net increase (decrease) in cash, cash equivalents and restricted cash     (725 )     367       (758 )     961  
    Cash, cash equivalents and restricted cash, beginning of period     1,120       786       1,153       192  
    Cash, cash equivalents and restricted cash, end of period   $ 395     $ 1,153     $ 395     $ 1,153  
                     
    Cash and cash equivalents   $ 317     $ 1,079     $ 317     $ 1,079  
    Restricted cash     78       74       78       74  
    Total cash, cash equivalents and restricted cash   $ 395     $ 1,153     $ 395     $ 1,153  
                                     
             
    NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)        
                                     
        Three Months Ended December 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   2,338   2.57   —   —   —   —   2,338   2.57
    Northeast Appalachia   2,425   2.34   —   —   —   —   2,425   2.34
    Southwest Appalachia   1,067   2.42   12   60.41   85   27.44   1,649   3.42
    Total   5,830   2.45   12   60.41   85   27.44   6,412   2.70
                                     
    Average NYMEX Price       2.79       70.27                
    Average Realized Price (including realized derivatives)       2.91       61.28       26.90       3.11
        Three Months Ended December 31, 2023
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,497   2.41   —   —   —   —   1,497   2.41
    Northeast Appalachia   1,801   2.15   —   —   —   —   1,801   2.15
    Eagle Ford   52   2.42   6   82.49   7   25.67   129   6.30
    Total   3,350   2.27   6   82.49   7   25.67   3,427   2.42
                                     
    Average NYMEX Price       2.88       78.35                
    Average Realized Price (including realized derivatives)       2.87       82.49       25.67       3.01
        Year Ended December 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,532   2.14   —   —   —   —   1,532   2.14
    Northeast Appalachia   1,809   1.88   —   —   —   —   1,809   1.88
    Southwest Appalachia   270   2.42   3   60.41   21   27.44   417   3.42
    Total   3,611   2.03   3   60.41   21   27.44   3,758   2.16
                                     
    Average NYMEX Price       2.27       75.72                
    Average Realized Price (including realized derivatives)       2.75       61.04       26.91       2.84
        Year Ended December 31, 2023
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,551   2.30   —   —   —   —   1,551   2.30
    Northeast Appalachia   1,834   2.22   —   —   —   —   1,834   2.22
    Eagle Ford   85   2.25   21   77.80   10   25.62   274   7.64
    Total   3,470   2.25   21   77.80   10   25.62   3,659   2.66
                                     
    Average NYMEX Price       2.74       77.63                
    Average Realized Price (including realized derivatives)       2.64       72.89       25.62       2.99
                                     
         
    CAPITAL EXPENDITURES ACCRUED (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024
    		   2023
    		   2024
    		   2023
    ($ in millions)                
    Drilling and completion capital expenditures:                
    Haynesville   $ 300     $ 187     $ 777     $ 891  
    Northeast Appalachia     97       119       377       443  
    Southwest Appalachia     103       —       103       —  
    Eagle Ford     —       —       —       222  
    Total drilling and completion capital expenditures     500       306       1,257       1,556  
    Non-drilling and completion – field     51       50       157       150  
    Non-drilling and completion – corporate     42       20       115       76  
    Total capital expenditures   $ 593     $ 376     $ 1,529     $ 1,782  
                                     
       
    NON-GAAP FINANCIAL MEASURES  
       

    As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

    Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

    Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

    Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

    Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

    Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

    Present Value of Estimated Future Net Revenues or PV-10: Present Value of Estimated Future Net Revenues or PV-10 is defined as the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices calculated as the average natural gas and oil price during the preceding 12-month period prior to the end of the current reporting period, (determined as the unweighted arithmetic average of prices on the first day of each month within the 12-month period) and costs in effect at the determination date (unless such costs are subject to change pursuant to contractual provisions), without giving effect to non-property related expenses such as general and administrative expenses, debt service and future income tax expense or to depreciation, depletion and amortization, discounted using an annual discount rate of 10%. PV-10 is derived from the standardized measure, which is the most directly comparable financial measure computed using GAAP and differs in that PV-10 does not include the effects of income taxes on future net revenues. Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company’s current proved reserves and to compare relative values among peer companies. Present Value of Estimated Future Net Revenues or PV-10 should not be considered an alternative to, or more meaningful than, the standardized measure presented in accordance with GAAP. Neither PV-10 nor the standardized measure represents an estimate of the fair market value of the Company’s natural gas and oil properties.

         
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($ in millions)   2024   2023   2024   2023
    Net income (loss) (GAAP)   $ (399 )   $ 569     $ (714 )   $ 2,419  
                     
    Adjustments:                
    Unrealized (gains) losses on natural gas and oil derivatives     490       (347 )     979       (1,278 )
    Separation and other termination costs     —       2       23       5  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Other operating expense, net(a)     267       4       325       22  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Contract amortization     (57 )     —       (57 )     —  
    Other     (21 )     (18 )     (38 )     (37 )
    Tax effect of adjustments(b)     (146 )     114       (271 )     517  
    Adjusted net income (Non-GAAP)   $ 131     $ 185     $ 234     $ 702  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
    (b)   The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22% and the three- and twelve-month periods December 31, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
         
         
    RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($/share)   2024   2023   2024   2023
    Earnings (loss) per common share (GAAP)   $ (1.72 )   $ 4.34     $ (4.55 )   $ 18.21  
    Effect of dilutive securities     —       (0.32 )     —       (1.29 )
    Diluted earnings (loss) per common share (GAAP)   $ (1.72 )   $ 4.02     $ (4.55 )   $ 16.92  
                     
    Adjustments:                
    Unrealized (gains) losses on natural gas and oil derivatives     2.12       (2.44 )     6.24       (8.94 )
    Separation and other termination costs     —       0.01       0.14       0.04  
    Gains on sales of assets     (0.01 )     (0.99 )     (0.09 )     (6.62 )
    Other operating expense, net(a)     1.16       0.03       2.07       0.15  
    (Gains) losses on purchases, exchanges or extinguishments of debt     —       —       0.01       —  
    Contract amortization     (0.24 )     —       (0.36 )     —  
    Other     (0.09 )     (0.13 )     (0.24 )     (0.26 )
    Tax effect of adjustments(b)     (0.64 )     0.81       (1.73 )     3.62  
    Effect of dilutive securities     (0.03 )     —       (0.08 )     —  
    Adjusted diluted earnings per common share (Non-GAAP)   $ 0.55     $ 1.31     $ 1.41     $ 4.91  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
    (b)   The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22% and the three- and twelve-month periods December 31, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
         
         
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions)                
    Net income (loss) (GAAP)   $ (399 )   $ 569     $ (714 )   $ 2,419  
                     
    Adjustments:                
    Interest expense     64       22       123       104  
    Income tax expense (benefit)     (22 )     166       (127 )     698  
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Exploration     3       8       10       27  
    Unrealized (gains) losses on natural gas and oil derivatives     490       (347 )     979       (1,278 )
    Separation and other termination costs     —       2       23       5  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Other operating expense, net(a)     267       4       325       22  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Contract amortization     (57 )     —       (57 )     —  
    Other     (26 )     (29 )     (83 )     (65 )
    Adjusted EBITDAX (Non-GAAP)   $ 964     $ 635     $ 2,195     $ 2,513  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
         
         
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions)                
    Net cash provided by operating activities (GAAP)   $ 382     $ 470     $ 1,565     $ 2,380  
    Cash capital expenditures     (536 )     (379 )     (1,557 )     (1,829 )
    Free cash flow (Non-GAAP)     (154 )     91       8       551  
    Cash paid for merger expenses     231       —       269       —  
    Cash contributions to investments     (4 )     (82 )     (75 )     (231 )
    Free cash flow associated with divested assets(a)     —       (48 )     —       (243 )
    Adjusted free cash flow (Non-GAAP)   $ 73     $ (39 )   $ 202     $ 77  
    (a)   In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in November 2023, we closed the divestiture of the final portion of our Eagle Ford assets, with an effective date of February 1, 2023 and the cash generated by these assets was delivered to the buyer through a reduction in the proceeds we received at the closing of the transaction.
         
         
    RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)    
         
    ($ in millions)   December 31, 2024
    Total debt (GAAP)   $ 5,680  
    Premiums, discounts and issuance costs on debt     6  
    Principal amount of debt     5,686  
    Cash and cash equivalents     (317 )
    Net debt (Non-GAAP)   $ 5,369  
             
             
    PROVED RESERVES (unaudited)        
             
        SEC pricing(a)   Five-year strip pricing(b)
    ($ in millions)        
    Proved reserves (Bcfe)     20,800       26,816  
    Standardized measure   $ 7,531     $ 22,120  
    PV-10(c)   $ 7,567     $ 25,975  
    (a)   SEC proved reserves as of December 31, 2024 were based on a natural gas price of $2.13 per Mcf and an oil price of $75.48 per barrel of oil and NGL. Pricing was determined in accordance with the SEC requirement using the unweighted arithmetic average of the prices on the first day of each month within the 12-month period ended December 31, 2024. The average adjusted product prices weighted by production over the remaining lives of the properties are $0.65 per Mcf of gas, $65.16 per barrel of oil and $15.20 per barrel of NGL.
    (b)   Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of February 19, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Henry Hub for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. The average adjusted product prices weighted by production over the remaining lives of the properties would be $2.35 per Mcf of gas, $54.16 per barrel of oil, and $12.86 per barrel of NGL.

    The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. Management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company’s reserves because the forward prices are based on the market’s forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company’s reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company’s reserves.
    (c)   PV-10 differs from the standardized measure because the former does not include the effects of estimated future income tax expense. PV-10 using SEC pricing excludes $36 million of estimated future income tax expense, and PV-10 using February 19, 2025 strip pricing excludes $3,855 million of estimated future income tax expense.
         
         
    INVESTOR CONTACT: MEDIA CONTACT: EXPAND ENERGY CORPORATION
    Chris Ayres Brooke Coe 6100 North Western Avenue
    (405) 935-8870 (405) 935-8878 P.O. Box 18496
    ir@expandenergy.com media@expandenergy.com Oklahoma City, OK 73154
         

    The MIL Network –

  • MIL-OSI: Nutanix Reports Second Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Delivers Outperformance Across All Guided Metrics

    Reports 19% YoY ARR Growth and Strong Free Cash Flow

    SAN JOSE, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its second quarter ended January 31, 2025.

    “During our second quarter we delivered outperformance across our guided metrics,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our results are benefiting from the strength of the Nutanix Cloud Platform, demand from businesses looking for a trusted long-term partner committed to innovation and customer care, and go-to-market leverage from our partnerships and programs.”

    “Our second quarter results included 19% year-over-year ARR growth and strong year-to-date free cash flow generation, reflecting our focus on delivering sustainable, profitable growth,” said Rukmini Sivaraman, CFO of Nutanix. “We also recently strengthened our balance sheet and increased our financial flexibility with the issuance of convertible notes at attractive terms and by establishing a new revolving credit facility.”

    Second Quarter Fiscal 2025 Financial Summary

      Q2 FY’25 Q2 FY’24 Y/Y Change
    Annual Recurring Revenue (ARR)¹ $2.06 billion $1.74 billion 19%
    Average Contract Duration² 3.0 years 2.8 years 0.2 year
    Revenue $654.7 million $565.2 million 16%
    GAAP Gross Margin 87.0% 85.6% 140 bps
    Non-GAAP Gross Margin 88.3% 87.3% 100 bps
    GAAP Operating Expenses $504.0 million $446.6 million 13%
    Non-GAAP Operating Expenses $417.0 million $369.4 million 13%
    GAAP Operating Income $65.4 million $37.0 million $28.4 million
    Non-GAAP Operating Income $161.3 million $123.9 million $37.4 million
    GAAP Operating Margin 10.0% 6.6% 340 bps
    Non-GAAP Operating Margin 24.6% 21.9% 270 bps
    Net Cash Provided by Operating Activities $221.7 million $186.4 million $35.3 million
    Free Cash Flow $187.1 million $162.6 million $24.5 million

    Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

    Recent Company Highlights

    Third Quarter Fiscal 2025 Outlook

       
    Revenue $620 – $630 million
    Non-GAAP Operating Margin 17% to 18%
    Weighted Average Shares Outstanding (Diluted)³ Approximately 296 million


    Fiscal 2025 Outlook

       
    Revenue $2.495 – $2.515 billion
    Non-GAAP Operating Margin 17.5% to 18.5%
    Free Cash Flow $650 – $700 million

    Supplementary materials to this press release, including our second quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

    Webcast and Conference Call Information

    Nutanix executives will discuss the Company’s second quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    Footnotes

    ¹Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

    ²Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

    ³Weighted average share count used in computing diluted non-GAAP net income per share.

    Non-GAAP Financial Measures and Other Key Performance Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to convertible senior notes, interest expense related to convertible senior notes, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, or net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our third quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

    Forward-Looking Statements

    This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a long-term partner committed to innovation and customer care, and go-to-market leverage from our partnerships; our focus on delivering sustainable, profitable growth; our third quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

    These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

    About Nutanix

    Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

    Investor Contact:
    Richard Valera
    ir@nutanix.com

    Media Contact:
    Jennifer Massaro
    pr@nutanix.com

     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
        As of
        July 31,
    2024    		   January 31,
    2025
        (in thousands)
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 655,270     $ 1,072,161  
    Short-term investments     339,072       670,686  
    Accounts receivable, net     229,796       327,294  
    Deferred commissions—current     159,849       153,330  
    Prepaid expenses and other current assets     97,307       111,923  
    Total current assets     1,481,294       2,335,394  
    Property and equipment, net     136,180       138,753  
    Operating lease right-of-use assets     109,133       112,051  
    Deferred commissions—non-current     198,962       184,904  
    Intangible assets, net     5,153       3,443  
    Goodwill     185,235       185,235  
    Other assets—non-current     27,961       29,210  
    Total assets   $ 2,143,918     $ 2,988,990  
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 45,066     $ 45,903  
    Accrued compensation and benefits     195,602       203,040  
    Accrued expenses and other current liabilities     24,967       22,428  
    Deferred revenue—current     954,543       1,024,364  
    Operating lease liabilities—current     24,163       21,819  
    Total current liabilities     1,244,341       1,317,554  
    Deferred revenue—non-current     918,163       995,173  
    Operating lease liabilities—non-current     90,359       93,828  
    Convertible senior notes, net     570,073       1,341,388  
    Other liabilities—non-current     49,130       48,721  
    Total liabilities     2,872,066       3,796,664  
    Stockholders’ deficit:            
    Common stock     7       7  
    Additional paid-in capital     4,118,898       4,120,529  
    Accumulated other comprehensive loss     146       404  
    Accumulated deficit     (4,847,199 )     (4,928,614 )
    Total stockholders’ deficit     (728,148 )     (807,674 )
    Total liabilities and stockholders’ deficit   $ 2,143,918     $ 2,988,990  
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands, except per share data)
    Revenue:                        
    Product   $ 299,660     $ 354,187     $ 546,582     $ 656,106  
    Support, entitlements and other services     265,573       300,534       529,705       589,571  
    Total revenue     565,233       654,721       1,076,287       1,245,677  
    Cost of revenue:                        
    Product (1)(2)     9,402       8,823       19,636       17,193  
    Support, entitlements and other services (1)     72,154       76,465       143,879       150,765  
    Total cost of revenue     81,556       85,288       163,515       167,958  
    Gross profit     483,677       569,433       912,772       1,077,719  
    Operating expenses:                        
    Sales and marketing (1)(2)     236,702       261,382       472,025       514,783  
    Research and development (1)     160,401       182,785       312,376       356,744  
    General and administrative (1)     49,529       59,828       97,032       113,504  
    Total operating expenses     446,632       503,995       881,433       985,031  
    Income from operations     37,045       65,438       31,339       92,688  
    Other income (expense), net     2,096       (355 )     (3,179 )     9,218  
    Income before provision for income taxes     39,141       65,083       28,160       101,906  
    Provision for income taxes     6,346       8,656       11,218       15,553  
    Net income   $ 32,795     $ 56,427     $ 16,942     $ 86,353  
    Net income per share attributable to Class A common stockholders, basic   $ 0.13     $ 0.21     $ 0.07     $ 0.32  
    Net income per share attributable to Class A common stockholders, diluted   $ 0.12     $ 0.19     $ 0.09     $ 0.30  
    Weighted average shares used in computing net income per share attributable to Class A common stockholders, basic     243,853       267,138       242,667       266,842  
    Weighted average shares used in computing net income per share attributable to Class A common stockholders, diluted     298,540       293,351       294,851       291,086  

    ____________________________
    (1) Includes the following stock-based compensation expense:

        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Product cost of revenue   $ 1,697     $ 812     $ 3,625     $ 2,024  
    Support, entitlements and other services cost of revenue     7,183       7,325       14,299       14,145  
    Sales and marketing     20,738       21,397       42,209       42,045  
    Research and development     40,541       46,765       78,945       90,327  
    General and administrative     15,810       17,129       30,889       33,636  
    Total stock-based compensation expense   $ 85,969     $ 93,428     $ 169,967     $ 182,177  

    ____________________________
    (2) Includes the following amortization of intangible assets:

        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Product cost of revenue   $ 749     $ 767     $ 1,860     $ 1,534  
    Sales and marketing     82       88       119       176  
    Total amortization of intangible assets   $ 831     $ 855     $ 1,979     $ 1,710  
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Six Months Ended
    January 31,
        2024   2025
        (in thousands)
    Cash flows from operating activities:            
    Net income   $ 16,942     $ 86,353  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     36,389       36,427  
    Stock-based compensation     169,967       182,177  
    Amortization of debt discount and issuance costs     22,300       1,185  
    Inducement expense from partial repurchase of the 2027 Notes     —       11,347  
    Operating lease cost, net of accretion     16,046       13,962  
    Non-cash interest expense     10,064       —  
    Other     (8,859 )     (2,130 )
    Changes in operating assets and liabilities:            
    Accounts receivable, net     (19,662 )     (72,745 )
    Deferred commissions     4,830       20,577  
    Prepaid expenses and other assets     40,575       (5,833 )
    Accounts payable     8,695       (334 )
    Accrued compensation and benefits     34,158       7,792  
    Accrued expenses and other liabilities     (86,009 )     (1,680 )
    Operating leases, net     (14,884 )     (15,754 )
    Deferred revenue     101,329       122,077  
        Net cash provided by operating activities     331,881       383,421  
    Cash flows from investing activities:            
    Maturities of investments     429,219       162,139  
    Purchases of investments     (455,254 )     (493,156 )
    Payments for acquisitions, net of cash acquired     (4,500 )     —  
    Purchases of property and equipment     (36,784 )     (44,438 )
        Net cash used in investing activities     (67,319 )     (375,455 )
    Cash flows from financing activities:            
    Proceeds from sales of shares through employee equity incentive plans     15,153       29,300  
    Taxes paid related to net share settlement of equity awards     (53,180 )     (148,194 )
    Proceeds from the issuance of convertible notes, net of issuance costs     —       848,010  
    Payment of third-party debt issuance costs     —       (2,771 )
    Partial repurchase of the 2027 Notes     —       (95,453 )
    Repurchases of common stock     (59,192 )     (220,100 )
    Payment of finance lease obligations     (1,758 )     (1,945 )
        Net cash (used in) provided by financing activities     (98,977 )     408,847  
    Net increase in cash, cash equivalents and restricted cash   $ 165,585     $ 416,813  
    Cash, cash equivalents and restricted cash—beginning of period     515,771       655,662  
    Cash, cash equivalents and restricted cash—end of period   $ 681,356     $ 1,072,475  
    Restricted cash(1)     2,110       314  
    Cash and cash equivalents—end of period   $ 679,246     $ 1,072,161  
    Supplemental disclosures of cash flow information:            
    Cash paid for income taxes   $ 14,168     $ 19,283  
    Supplemental disclosures of non-cash investing and financing information:            
    Purchases of property and equipment included in accounts payable and accrued and other liabilities   $ 1,648     $ 1,601  
    Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities   $ —     $ 11,460  

    ____________________________
    (1) Included within other assets—non-current in the condensed consolidated balance sheets.

    Reconciliation of Revenue to Billings
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Total revenue   $ 565,233     $ 654,721     $ 1,076,287     $ 1,245,677  
    Change in deferred revenue     51,250       121,637       101,329       122,077  
    Total billings   $ 616,483     $ 776,358     $ 1,177,616     $ 1,367,754  
    Disaggregation of Revenue and Billings
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Disaggregation of revenue:                        
    Subscription revenue   $ 531,983     $ 624,418     $ 1,011,461     $ 1,185,114  
    Professional services revenue     25,008       28,030       47,843       55,315  
    Other non-subscription product revenue     8,242       2,273       16,983       5,248  
    Total revenue   $ 565,233     $ 654,721     $ 1,076,287     $ 1,245,677  
    Disaggregation of billings:                        
    Subscription billings   $ 572,759     $ 733,737     $ 1,101,673     $ 1,298,029  
    Professional services billings     35,482       40,348       58,960       64,477  
    Other non-subscription product billings     8,242       2,273       16,983       5,248  
    Total billings   $ 616,483     $ 776,358     $ 1,177,616     $ 1,367,754  


    Subscription revenue —     Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

    • Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
    • Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

    Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

    Other non-subscription product revenue — Other non-subscription product revenue includes approximately $7.0 million and $15.2 million of non-portable software revenue for the three and six months ended January 31, 2024, respectively, $0.5 million and $2.3 million of non-portable software revenue for the three and six months ended January 31, 2025, respectively, $1.2 million and $1.8 million of hardware revenue for the three and six months ended January 31, 2024, respectively, and $1.8 million and $2.9 million of hardware revenue for the three and six months ended January 31, 2025, respectively.

    • Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
    • Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.
    Annual Recurring Revenue
    (Unaudited)
     
        Three Months Ended
    January 31,
    		   Six Months Ended
    January 31,
        2024
    		   2025
    		   2024
    		   2025
        (in thousands)
    Annual Recurring Revenue (ARR)   $ 1,737,364     $ 2,059,506     $ 1,737,364     $ 2,059,506  
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (Unaudited)
     
        GAAP   Non-GAAP Adjustments   Non-GAAP
        Three Months Ended January 31, 2025   (1)   (2)   (3)   (4)   (5)   (6)   (7)   Three Months Ended January 31, 2025
        (in thousands, except percentages and per share data)
    Gross profit   $ 569,433     $ 8,137     $ 767     $ —     $ —     $ —     $ —     $ —     $ 578,337  
    Gross margin     87.0 %     1.2 %     0.1 %     —       —       —       —       —       88.3 %
    Operating expenses:                                                      
    Sales and marketing     261,382       (21,397 )     (88 )     —       —       —       —       —       239,897  
    Research and development     182,785       (46,765 )     —       —       —       —       —       —       136,020  
    General and administrative     59,828       (17,129 )     —       (1,568 )     —       —       —       —       41,131  
    Total operating expenses     503,995       (85,291 )     (88 )     (1,568 )     —       —       —       —       417,048  
    Income from operations     65,438       93,428       855       1,568       —       —       —       —       161,289  
    Operating margin     10.0 %     14.3 %     0.1 %     0.2 %     —       —       —       —       24.6 %
    Net income   $ 56,427     $ 93,428     $ 855     $ 1,568     $ (20 )   $ 1,674     $ 11,347     $ (151 )   $ 165,128  
    Weighted shares outstanding, basic     267,138                                                 267,138  
    Weighted shares outstanding, diluted (8)     293,351                                                 293,351  
    Net income per share, basic   $ 0.21     $ 0.35     $ –     $ 0.01     $ –     $ 0.01     $ 0.04     $ –     $ 0.62  
    Net income per share, diluted (9)   $ 0.19                                               $ 0.56  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Legal fees
    (4) Other
    (5) Amortization of debt issuance costs and interest expense related to convertible senior notes
    (6) Inducement expense related to partial repurchase of the 2027 Notes
    (7) Income tax effect primarily related to stock-based compensation expense
    (8) Includes 26,214 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $691 of interest expense related to the convertible senior notes

        GAAP   Non-GAAP Adjustments   Non-GAAP
        Six Months Ended January 31, 2025   (1)   (2)   (3)   (4)   (5)   (6)   (7)   Six Months Ended January 31, 2025
        (in thousands, except percentages and per share data)
    Gross profit   $ 1,077,719     $ 16,169     $ 1,534     $ —     $ —     $ —     $ —     $ —     $ 1,095,422  
    Gross margin     86.5 %     1.3 %     0.1 %     —       —       —       —       —       87.9 %
    Operating expenses:                                                      
    Sales and marketing     514,783       (42,045 )     (176 )     —       —       —       —       —       472,562  
    Research and development     356,744       (90,327 )     —       —       —       —       —       —       266,417  
    General and administrative     113,504       (33,636 )     —       (2,935 )     —       —       —       —       76,933  
    Total operating expenses     985,031       (166,008 )     (176 )     (2,935 )     —       —       —       —       815,912  
    Income from operations     92,688       182,177       1,710       2,935       —       —       —       —       279,510  
    Operating margin     7.4 %     14.7 %     0.1 %     0.2 %     —       —       —       —       22.4 %
    Net income   $ 86,353     $ 182,177     $ 1,710     $ 2,935     $ (130 )   $ 11,347     $ 2,419     $ 90     $ 286,901  
    Weighted shares outstanding, basic     266,842                                                 266,842  
    Weighted shares outstanding, diluted (8)     291,086                                                 291,086  
    Net income per share, basic   $ 0.32     $ 0.69     $ 0.01     $ 0.01     $ –     $ 0.04     $ 0.01     $ –     $ 1.08  
    Net income per share, diluted (9)   $ 0.30                                               $ 0.99  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Legal fees
    (4) Other
    (5) Inducement expense related to partial repurchase of the 2027 Notes
    (6) Amortization of debt issuance costs and interest expense related to convertible senior notes
    (7) Income tax effect primarily related to stock-based compensation expense
    (8) Includes 24,243 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $975 of interest expense related to the convertible senior notes

        GAAP
    		   Non-GAAP Adjustments   Non-GAAP
        Three Months Ended January 31, 2024   (1)   (2)   (3)   (4)   (5)   (6)   Three Months Ended January 31, 2024
        (in thousands, except percentages and per share data)
    Gross profit   $ 483,677     $ 8,880     $ 749     $ —     $ —     $ —     $ —     $ 493,306  
    Gross margin     85.6 %     1.6 %     0.1 %     —       —       —       —       87.3 %
    Operating expenses:                                                
    Sales and marketing     236,702       (20,738 )     (82 )     194       —       —       —       216,076  
    Research and development     160,401       (40,541 )     —       —       —       —       —       119,860  
    General and administrative     49,529       (15,810 )     —       —       (227 )     —       —       33,492  
    Total operating expenses     446,632       (77,089 )     (82 )     194       (227 )     —       —       369,428  
    Income from operations     37,045       85,969       831       (194 )     227       —       —       123,878  
    Operating margin     6.6 %     15.2 %     0.1 %     —       —       —       —       21.9 %
    Net income   $ 32,795     $ 85,969     $ 831     $ (194 )   $ 117     $ 16,651     $ 177     $ 136,346  
    Weighted shares outstanding, basic     243,853                                           243,853  
    Weighted shares outstanding, diluted (7)     298,540                                           298,540  
    Net income per share, basic   $ 0.13     $ 0.36     $ –     $ –     $ –     $ 0.07     $ –     $ 0.56  
    Net income per share, diluted (8)   $ 0.12                                         $ 0.46  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Restructuring charges (reversals)
    (4) Other
    (5) Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (6) Income tax effect primarily related to stock-based compensation expense
    (7) Includes 54,687 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (8) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $4,271 of interest expense related to the convertible senior notes

        GAAP   Non-GAAP Adjustments   Non-GAAP
        Six Months Ended January 31, 2024   (1)   (2)   (3)   (4)   (5)   (6)   Six Months Ended January 31, 2024
        (in thousands, except percentages and per share data)
    Gross profit   $ 912,772     $ 17,924     $ 1,860     $ —     $ —     $ —     $ —     $ 932,556  
    Gross margin     84.8 %     1.6 %     0.2 %     —       —       —       —       86.6 %
    Operating expenses:                                                
    Sales and marketing     472,025       (42,209 )     (119 )     194       —       —       —       429,891  
    Research and development     312,376       (78,945 )     —       —       —       —       —       233,431  
    General and administrative     97,032       (30,889 )     —       —       (273 )     —       —       65,870  
    Total operating expenses     881,433       (152,043 )     (119 )     194       (273 )     —       —       729,192  
    Income from operations     31,339       169,967       1,979       (194 )     273       —       —       203,364  
    Operating margin     2.9 %     15.8 %     0.2 %     —       —       —       —       18.9 %
    Net income   $ 16,942     $ 169,967     $ 1,979     $ (194 )   $ 1,083     $ 32,998     $ 451     $ 223,226  
    Weighted shares outstanding, basic     242,667                                           242,667  
    Weighted shares outstanding, diluted(7)     294,851                                           294,851  
    Net income per share, basic   $ 0.07     $ 0.70     $ 0.01     $ –     $ –     $ 0.14     $ –     $ 0.92  
    Net income per share, diluted(8)   $ 0.09                                         $ 0.76  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Restructuring charges (reversals)
    (4) Other
    (5) Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (6) Income tax effect primarily related to stock-based compensation expense
    (7) Includes 52,184 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (8) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $8,451 of interest expense related to the convertible senior notes

    Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)  
    Net cash provided by operating activities   $ 186,408     $ 221,670     $ 331,881     $ 383,421  
    Purchases of property and equipment     (23,764 )     (34,607 )     (36,784 )     (44,438 )
    Free cash flow   $ 162,644     $ 187,063     $ 295,097     $ 338,983  

    The MIL Network –

  • MIL-OSI: Gibson Energy Announces 2024 Key Industry-Leading Sustainability Achievements and Safety Leadership

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), a leading North American energy infrastructure company, today highlights the significant progress in its annual sustainability performance. The Company’s exceptional operational management and safety commitment to achieve zero harm to people, the environment and assets is foundational to these efforts. 2024 marked the Company’s latest safety leadership milestone by recording 8.8 million hours without a lost time injury for its employee and contract workforce.

    “Sustainable practices and operational safety will always be embedded into our day-to-day, and I’m proud of our team reaching this latest safety milestone,” said Curtis Philippon, President and Chief Executive Officer. “Looking broadly at our sustainability commitments, to be externally recognized by key global rating agencies, including the A- we recently received from the Climate Disclosure Project, scoring 96 out of 100 points in the Globe and Mail Board Games Governance Ranking and placing in the 97th percentile of all energy companies by the S&P Global Corporate Sustainability Assessment, reinforces the progress we made this year. Our focus will not change in 2025, we remain committed to safety, innovation, collaboration and accountability as we continue to work toward our ambitious goals.”

    Gibson’s sustainability strategy is built on strong governance and strategic initiatives that focus on long-term value for our shareholders, employees, communities, Indigenous Peoples, governments, customers and suppliers.

    “On behalf of the Management team, I’d also like to extend sincere thanks to our employees for their commitment to safety and our sustainability goals,” said Riley Hicks, Senior Vice President, Chief Financial Officer. “We will continue to build off this momentum, further leverage our world-class asset base and identify additional strategic growth opportunities to meet the evolving global energy demands.”

    2024 Ratings:

    The Company is proud to continue to rank at the top among its Canadian and US midstream peers, reaffirming its position as a global leader in sustainability.

    Rating Agency   Score / Ranking   Description of Score / Ranking
             
    MSCI ESG Risk Ratings   AAA   Gibson is one of only 10% of companies globally in the Oil & Gas Refining, Marketing, Transportation & Storage industry to receive this leadership rating

    Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA being the best to CCC being the worst

    More information is available at www.msci.com
    CDP – Climate Change   A-   Maintained this leadership position within the CDP and among midstream peers for the fifth year in a row

    A- Supplier Engagement Rating

    A detailed and independent methodology is used by CDP with more information available at www.cdp.net
    S&P Global Corporate Sustainability Assessment   66   Gibson placed in the 97th percentile of all energy companies and was the highest scoring Canadian midstream company

    Gibson was recognized in the S&P Global Sustainability Yearbook for the fourth year in a row

    More information about The Sustainability Yearbook can be found here
    Sustainalytics ESG Risk Rating   16.0   Top 1% within Refiners & Pipelines industry group (2nd out of 208 companies)

    Gibson was once again recognized on the Sustainalytics 2024 Industry Top-Rated List

    More information about Sustainalytics is available at www.sustainalytics.com
    Globe and Mail Board Games Governance Ranking   12th   Top quartile, ranking 12th out of 215 companies and trusts in the S&P/TSX Composite Index

    Received a score of 96 based on a rigorous set of governance criteria on a scale of 100 being the best to 1 being the worst, tying the Company with a peer as the highest ranked energy company
             
    ISS Governance Quality Score   1   Denotes decile ranking score on a scale of 1 being the best to 10 being the worst, with a score of 1 indicating top 10% performance within Energy industry group
           
    ISS Environmental Quality Score   1  
           
    ISS Social Quality Score   2  


    Note: ESG ratings as at February 21, 2025

    Key Achievements:

    Environmental and Operations Impact

    • Published the 2023 Sustainability Report, detailing progress toward ambitious 2025 and 2030 ESG targets, including the Net Zero by 2050 commitment for Scope 1 and 2 emissions
    • Gibson, in its pursuit of Mission Zero, recorded 8.8 million hours without a lost time injury for its employee and contract workforce
    • Successfully completed the Gateway Terminal acquisition and implemented several key mitigation strategies to safeguard marine environments
    • Gibson received the ‘Union Pacific Railroad Pinnacle Award’, which recognizes customers who implement release prevention protocols, corrective action plans and have zero non-accident releases of regulated hazardous materials shipments
    • Continued to regularly conduct Process Hazard Analysis to proactively identify, monitor and mitigate any potential impacts to operational excellence

    Social Responsibility

    • Exceeded its 2025 target with over 24% racial and ethnic minority representation and 5% Indigenous representation in the workforce
    • Successfully implemented Gibson’s inaugural Indigenous Peoples Development Program and announced a partnership with the Canadian Council for Indigenous Business by participating in the PAIR program at the Committed level, both of which further embeds Indigenous Peoples culture, decision-making and business practices at all levels of the organization
    • Named as one of Alberta’s Top Employers and Canada’s Best Diversity Employers by the annual Canada’s Top 100 Employers Project for the third consecutive year
    • Maintained a best-in-class position in employee participation in our community giving program with a rate of 94%
    • Gibson was awarded the ‘Better Benefits Award’ from Fertility Matters Canada for its leadership position in creating a family-friendly benefit plan and also, the ‘Best Wellness Program’ at the Canada’s Safest Employers Awards

    Governance and Transparency

    • In the Globe & Mail annual Board Games results, Gibson ranked 12th out of 215 companies, scoring 96 out of 100 points, which recognized the company’s approach to strong governance practices and tied the Company with a peer as the highest ranked energy company
    • Ahead of the 2025 target dates, achieved both Governance ESG targets by having 50% female representation and three racial, ethnic and or Indigenous representation on its Board of Directors
    • In line with the Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, published its inaugural Modern Slavery Report
    • Demonstrated a commitment to responsible procurement with 100% participation and completion of Supply Chain Human Rights training by members of Supply Chain Management, Legal and Sustainability teams
    • Published Gibson’s Sustainability Policy, which formalizes the Company’s long-standing sustainability commitments and enhances the governance approach

    Additional information on Gibson’s approach to Sustainability and ESG, is available at: https://www.gibsonenergy.com/sustainability.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Advisory Statements

    Definitions
    Scope 1 emissions are direct emissions from facilities owned and operated by Gibson.

    Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson’s owned and operated facilities.

    All references in this press release to Net Zero include Scope 1 and Scope 2 emissions only. Targets currently do not include the Gateway Terminal.

    All references in this press release to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “aim”, “target”, “goal”, “contemplate”, “continue”, “commit”, “estimate”, “expect”, “future”, “forecast”, “forward”, “further”, “intend”, “long-term”, “propose”, “might”, “may”, “maintain”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “opportunity”, “predict”, “pursue”, “potential” and “progress” and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, its commitment to sustainability, ESG leadership and strong governance practices, its focus areas for 2025, its commitment to, and ability to maintain, its position as an industry ESG and sustainability leader; its ability to identify and realize opportunities to advance its sustainability journey and leverage its asset base and growth opportunities to a more secure and resilient energy future; its commitment to a safe and effective working environment; its sustainability strategy generating long-term value for key stakeholders; its Mission Zero commitment and the efforts undertaken to achieve such goal; the anticipated benefits of its renewable PPA and the timing thereof; the impact of the acquisition of STGT on Gibson’s sustainability profile; its ability to improve its operations, including with respect to emission reductions, biodiversity and Indigenous relations; its ESG goals, including its 2025 and 2030 ESG goals and its Net Zero by 2050 commitment; embedding Truth and Reconciliation principles into its culture and business practices; Gibson’s future climate and ESG targets and metrics and future ambitions, the global energy transition, and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

    Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, Gibson’s ability to execute its current strategy, related milestones; Gibson’s ability to meet its sustainability and ESG goals; risks inherent in applicable laws and government policies; economic, societal, political and industry trends; Gibson’s ability to access capital; Gibson’s ability to obtain the anticipated benefits of the acquisition of STGT and its renewable PPA; risks inherent our business and the businesses of our industry partners; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; the development, performance and viability of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 commitment and other ESG goals; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services; the likelihood, timing and financial impact of certain risks and uncertainties described under the heading “Risk Factors” and “Forward-Looking Information” in our current annual and interim management’s discussion and analysis and Annual Information Form (“AIF”) and identified in other documents the Company files from time to time with securities regulatory authorities, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    The forward-looking statements contained in this press release represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. ​Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in our current annual and interim management’s discussion and analysis and AIF, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    The MIL Network –